Should private banks get to create money out of nothing to lend it at interest for profit? F***. No. Even if workers owned the full means of production and/or fruits of their labor, or however you define/conceive of full communism, so long as a limited group can create from nothing something they can compel everyone else to trade their labor and fruits of their labor for, they will be the master capital class and rule the masses of people. Money must be created explicitly from nothing, backed by nothing but the total value expressed by the society that will use it and their agreement to do so, exclusively for the purpose of furthering the common good, through equal dividends to the members of the society and investment in its services and infrastructure. Currently, money is debt-based, not explicitly based in the value of the society that uses it, but instead based in the value of our capacity to coerce repayment from those who have gone into debt. Perversely, thanks to interest, there is more debt than money in the economy, so the entire moral basis of capitalism is proven a sham. Its a mathematical requirement of our monetary system that 90% of people have only debt and no savings, and it has nothing to do with their spirit of entrepreneurship. Any commodity-based money system is inherently flawed because all commodities are subject to monopoly manipulation, and place the reigns of the society that use them in the hands of whoever is in charge of that commodity. Since we use a debt-based commodity to back our money, those who own the banks that have been given the monopoly rights by the state to create money from nothing, (distinct from anyone lending what savings they might have), control the entire society. Yes, people can fight back. But people will never have won until they have created for themselves a society that does not share these fundamental features of the current monetary system/global capitalist economy.
Posted on: Mon, 19 Jan 2015 00:00:00 +0000
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