Economic democracy can only be achieved
- by governments spending interest-free money to fuel the real economy, instead of borrowing to bailout the financial economy
- through freedom from National Debts which governments use to borrow money at interest (as Credit), when they could issue money interest-free (as Cash)
- by finding a mechanism to create the interest that is necessary to service any credit, be it “public” (or national) or private
- by redressing the imbalance of the Cash : Credit ratio in the money supply. More on Money as Debt also Known as Credit and on Stop the Cash Crumble to Equalize the Credit Crunch .
The Debt Management Office was created after Labour got into power in 1997 to “institutionalise” the National Debt. To influence such deeply engrained administrative procedures, is a great challenge.
But when the Treasury Select Committee staged its inquiry into the Stern Report, we submitted our evidence as Green Credit for Green Purposes – Changing the Cash : Credit Ratio in the Money Supply to Ameliorate Climate Change.
Fortunately, more and more people understand the problems and may make a difference at the right level of financial, political or media institution.