Bank of England goes MMT

13 March, 2014 at 13:58 | Posted in Economics | 4 Comments

 

(h/t Phil Pilkington)

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  1. Imagine if the farmer had access to a global network of machines that could instantly connect his production with needs and where his wants can find producers instantly. We live in an age where the whole motivation for money, described in the beginning of this film is no longer relevant.

    • The machine you are looking for is called the Internet.

      • However, counterparty risk can only be removed via the use of currency backed by a monopoly supplier.

      • Well, I think calling it money, will give people the wrong idea. I would rather call it, algorithms and indexing, really nothing that would involve a human hand ever. The human would experience their production as their currency. The economy will increase with increased participation rather than increased oil production.


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