Monday, May 16, 2016

Trump Says "Print The Money!"
Should Creation Of Money Be Controlled
By A Private Monopoly?
In her recent essay, Ellen Brown refers to comments by Donald Trump on printing money to deal with the federal debt .. The remark was in response to when Trump was asked if the U.S. should pay its debt in full or possibly negotiate partial repayment. He replied, "I would borrow, knowing that if the economy crashed, you could make a deal." Commentators took this to mean a default. On May 9, Trump countered that he was misquoted, clarifying what he meant in terms of discounted bond prices when interest rates go up .. Brown highlights how this all raises some big questions: "The right of government to issue its own money was one of the principles for which the American Revolution was fought. Americans are increasingly waking up to the fact that the vast majority of the money supply is no longer issued by the government but is created by private banks when they make loans; and that with that power goes enormous power over the economy itself. The issue that should be debated is one that dominated political discussion in the 19th century but that few candidates are even aware of today: should creation and control of the money supply be public or private? Donald Trump’s willingness to transgress the conservative taboo against public money creation is a welcome step in opening that debate."
LINK HERE to the essay

No comments: