Posted by WARREN MOSLER on March 27th, 2009
> Sounds like the IMF & misguided bankers everywhere are systematically
> degrading everyone’s economy.
> Do enough people anywhere understand national currency systems?
> Are ALL financial service industries more trouble than they’re worth?
Best i can tell. There probably are a few that are OK, just haven’t identified them.
We need our banks only to:
- Manage the payments system
- Provide a ‘safe’ depository/insured deposits
- Make and hold loans deemed to further public purpose that are not subject to liquidity issues of the lender.
In 1972 the US had 2.6 million housing starts with a population of only 200 million people, all financed by a bunch of boring savings and loans staffed by VERY modestly paid loan officers who left at 3:30 every day to play golf. (I was one of them.)