So there is a magic wand after all. A revolutionary paper by the International
Monetary Fund claims that one could eliminate the net public debt of the US
at a stroke, and by implication do the same for Britain, Germany, Italy, or
Japan.
One could slash private debt by 100pc of GDP, boost growth, stabilize prices,
and dethrone bankers all at the same time. It could be done cleanly and
painlessly, by legislative command, far more quickly than anybody imagined.
The conjuring trick is to replace our system of private bank-created money --
roughly 97pc of the money supply -- with state-created money. We return to
the historical norm, before Charles II placed control of the money supply in
private hands with the English Free Coinage Act of 1666.
http://www.telegraph.co.uk/finance/comment/9623863/IMFs-epic-plan-to-conjure-away-debt-and-dethrone-bankers.html
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