Monday, 22 February 2010

Darius Guppy on a bigger fraud than his

Through The Cobden Centre I came across this article by Darius Guppy, which is well worth reading:
A lot of nonsense has been written and said about the world’s current economic woes - how the crash is the fault solely of the banks and how, by implication, Governments are blameless and in particular how it could all have been avoided and will indeed be made right by greater financial regulation, and so on.
These ‘experts’ will tell you that the present difficulties are simply the result of abuses and excesses in a system that is basically sound. In short, all that is required is for some faults to be corrected. But do not believe them. For the reality is that the problem is systemic and a little tinkering here or there will achieve nothing in the long term.

In fact, what is needed is a root and branch re-evaluation of that most curious of cultural inventions – money – how it is created, how it circulates within an economy and how it can best be used to serve the interests of the community itself.

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