Dear Friemds, all,
I snip from Ed's amd then comment below.
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>From: Ed Goertzen <[EMAIL PROTECTED]>
>To: [EMAIL PROTECTED]
>Cc: [EMAIL PROTECTED]
>Subject: Re: Why are we in debt? [Snipped & Comment]
>Date: Wed, Nov 24, 1999, 8:53 pm
>
>
>The solution to the problem is to restrict the banks to the function they
>were intended to fulfill. That is to facillitate trade of goods over the
>short term and not use its credit creating authority to claim ownership of
>real property.
>
>The really biggest problem is to find a way to get back to a regulated
>system without destablising the economy.
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The most original pupose of banks was, surely, as 'secure shelves.'
The problem arose when the contents of those shelves were lent for profit
(money-lending at interest, riba, usury.)
At that point money was converted from its intended purose (as a medium of
exchange) into a medium of exploitation (money is lent *from* those who have
a surplus of it *to* those who have a scarcity of it.)
The way of reverting banking to its core function is to reorganise banking
as a public service (secure keeping of money in banks as a compliment to
secure keeping of public security on the streets by community-controlled
police forces) *along with* community creation of both money (for its
purposes) and credit (for its.)
As for the economic effects, I can only see change of this type as change
for the better - the community would recover charge of its destiny and the
multitude of troubles that compound interest (usury) bring would be removed.
HTH
Hugs
j
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