What is Public Debt? How is money printed? And how do Governments pay for Wars?

Professor Richard Wolff talks with acTVism Munich about public debt, the process of printing money, the role that corporate banks play in this system, and how politicians exploit the mechanism of money printing in order to garner political capital or justify going to wars.

Showing 2 comments

  • commented 2017-04-18 19:33:28 -0400
    Please allow me to share my thoughts government debt.

    Here’s the problem as I see it.
    Private banking has no incentive because increased government debt equals more profits.

    And the powerful will always try to manipulate how the government uses money/debt to benefit them.

    We create state banks that are owned by the people of the state, and not controlled by the state government.

    Using the state banks we fund local workers cooperatives to replace business that closed.

    All of our tax money is held by the people’s state bank every individual is credited with an equal division of the tax revenue that can only be used to fund government.
    Every year each person decides
    Which part of the government he wants to fund, he/she sends the parts of government he/she wants to fund the money.

    “Fund me.” Fund.me.gov☺

    Eventually the hope is The People’s Bank will make enough profit to fund the state government without using any ones Taxes.

    I don’t think this would take too many changes. But eventually we want to get rid of the Federal Reserve and have a cooperatively owned Central Bank.
  • followed this page 2017-04-18 14:10:53 -0400
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