shrinks the money supply. But this is a supremely daft way to run an economy. The Government should take full control of the money supply and issue

money. That is what it is there for. It already issues notes and coins which once made up half the money supply, so there is no reason why it

cannot issue electronic money directly into the economy, for example, by financing some of its own spending in this way.

The CRESC report

although very good in many ways misses this point and does not acknowledge private debt as the fundamental problem.

‘Faced by a failure of

credit, they only propose the lending of more money’ (FDR 1933)

“It is not clear whether the banks have been nationalised or the Treasury has been

privatised as a new kind of investment fund.”

with our GoldmanSachsTreasuryFed… its clear here!

Kent Welton,

PublicCentralBank.com