Economy Ellen Brown Original

Ellen Brown: A Monetary Reset Where the Rich Don’t Own Everything

We have a serious debt problem, but solutions such as the World Economic Forum’s “Great Reset” are not the future we want. It’s time to think outside the box for some new solutions.
[Ivan Radic / CC BY 2.0]

By Ellen Brown / Original to ScheerPost 

In ancient Mesopotamia, it was called a Jubilee. When debts at interest grew too high to be repaid, the slate was wiped clean. Debts were forgiven, the debtors’ prisons were opened, and the serfs returned to work their plots of land. This could be done because the king was the representative of the gods who were said to own the land, and thus was the creditor to whom the debts were owed. The same policy was advocated in the Book of Leviticus, though it is unclear to what extent this biblical Jubilee was implemented. 

That sort of across-the-board debt forgiveness can’t be done today because most of the creditors are private lenders. Banks, landlords and pension fund investors would go bankrupt if their contractual rights to repayment were simply wiped out. But we do have a serious debt problem, and it is largely structural. Governments have delegated the power to create money to private banks, which create most of the circulating money supply as debt at interest. They create the principal but not the interest, so more money must be repaid than was created in the original loan. Debt thus grows faster than the money supply, as seen in the chart from below. Debt grows until it cannot be repaid, when the board is cleared by some form of market crash such as the 2008 financial crisis, typically widening the wealth gap on the way down. 

Today the remedy for an unsustainable debt buildup is called a “reset.” Far short of a Jubilee, such resets are necessary every few decades. Acceptance of a currency is based on trust, and a “currency reset” changes the backing of the currency to restore that trust when it has failed. In the 20th century, major currency resets occurred in 1913, when the Federal Reserve was instituted following a major banking crisis; in 1933 following another catastrophic banking crisis, when the dollar was taken off the gold standard domestically and deposits were federally insured; in 1944, at the Bretton Woods Conference concluding World War II, when the US dollar backed by gold was made the reserve currency for global trade; and in 1974, when the US finalized a deal with the OPEC countries to sell their oil only in US dollars, effectively “backing” the dollar with oil after Richard Nixon took the dollar off the gold standard internationally in 1971. Central bank manipulations are also a form of reset, intended to restore faith in the currency or the banks; e.g. when Federal Reserve Chairman Paul Volcker raised the interest rate on fed funds to 20% in 1980, and when the Fed bailed out Wall Street banks following the Great Financial Crisis of 2008-09 with quantitative easing.

But quantitative easing did not fix the debt buildup, which today has again reached unsustainable levels. According to Truth in Accounting, as of March 2022 the US federal government has a cumulative debt burden of $133.38 trillion, including unfunded Social Security and Medicare promises; and some countries are in even worse shape. Former investment banker Leslie Manookian stated in grand jury testimony that European countries have 44 trillion euros in unfunded pensions, and there is no source of funds to meet these obligations. There is virtually no European bond market, due to negative interest rates. The only alternative is to default. The concern is that when people realize that the social security and pension systems they have paid into for their entire working lives are bankrupt, they will take to the streets and chaos will reign.

Hence the need for another reset. Private creditors, however, want a reset that leaves them in control. Today a new sort of reset is setting off alarm bells, one that goes far beyond restoring the stability of the currency. The “Great Reset” being driven forward by the World Economic Forum would lock the world into a form of technocratic feudalism. 

The WEF is that elite group of businessmen, politicians and academics that meets in Davos, Switzerland, every January. The Great Reset was the theme of its 2021 Summit, based on a July 2020 book titled Covid-19: The Great Reset co-authored by WEF founder Klaus Schwab. Some of the WEF’s proposals are summarized in a video on its website titled “8 Predictions for the World in 2030.” The first prediction is, “You’ll own nothing. And you’ll be happy. Whatever you want you’ll rent. And it will be delivered by drone.”

Schwab’s proposal would reset more than the currency. At a virtual meeting in June 2020, he said, “We need a ‘Great Reset’ of capitalism.” But as talk show host Kim Iversen observes, the proposed solution is more capitalism by a new name: “stakeholder capitalism,” where ownership will be with corporate stakeholders. You will have an account with the central bank and a mandatory federal digital ID. You will receive a welfare payment in the form of a marginally adequate basic income – so long as you maintain a proper social credit score. Your central bank digital currency will be “programmable” – rationed, controlled, and canceled if you get out of line or disagree with the official narrative. You will be kept happy with computer games and drugs

According to WEF speaker and author Prof. Yuval Harari, “Covid is critical, because this is what convinces people to accept, to legitimize total biometric surveillance…. We need not just to monitor people, we need to monitor what’s happening under the skin.” 

Harari is aware of the dangers of digital dictatorships. He said at a pre-Covid Davos presentation in January 2020: 

In Davos we hear so much about the enormous promises of technology – and these promises are certainly real. But technology might also disrupt human society and the very meaning of human life in numerous ways, ranging from the creation of a global useless class to the rise of data colonialism and of digital dictatorships.…

We humans should get used to the idea that we are no longer mysterious souls – we are now hackable animals. … [I]f this power falls into the hands of a twenty-first century Stalin, the result will be the worst totalitarian regime in human history… 

In the not-so-distant future, … algorithms might tell us where to work and who to marry, and also decide whether to hire us for a job, whether to give us a loan, and whether the central bank should raise the interest rate….

What will be the meaning of human life, when most decisions are taken by algorithms?

Clearing the Chessboard by Controlled Economic Demolition?

Before the game can be reset, the board must be cleared. What would make the population accept giving up their private property, surviving on a marginal basic income, and submitting to constant surveillance, internal and external? 

The global pandemic and the lockdowns that followed have gone far toward achieving that result. Lockdowns not only eliminated smaller business competitors but drove up the debts of small countries, forcing them to increase their loans from the International Monetary Fund. The IMF is notorious for onerous loan terms, including imposing strict austerity measures, relinquishing control of natural resources, and marching in “lockstep” with pandemic restrictions. 

In a June 2020 article on the blog of the IMF titled “From Great Lockdown To Great Transformation,” IMF Managing Director Kristalina Georgieva called the global policy response to the 2020 crisis the “Great Lockdown.” She is quoted as saying to the US Chamber of Commerce:

We call the current period ‘the Great Lockdown’ because we are fighting a health emergency by bringing production and consumption to a standstill…. 

In March, around one hundred billion dollars left emerging markets and developing countriesthree times more than during the global financial crisis.

But in April and May—thanks to this massive injection of liquidity in advanced economies—some emerging markets were able to go back to the markets and issue bonds with competitive yields, with total issuance of around seventy-seven billion dollars. This is almost three and a half times as much as in the same two months last year. [Italics added.]

In other words, by bringing production and consumption to a standstill, the Great Lockdown had already, by June 2020, managed to strip emerging markets of $100 billion in additional assets and to lock them into $77 billion in new debt.

That helps explain why so many countries acquiesced to the Great Lockdown so quickly, even when some had only a handful of Covid-19 deaths. Lockdown was apparently a “conditionality” required for getting an IMF loan. At least that was true for Belarus, which rejected the offer. Belarus’ President :

We hear the demands … to model our coronavirus response on that of Italy. I do not want to see the Italian situation to be repeated in Belarus. We have our own country and our own situation. … [T]he IMF continues to demand from us quarantine measures, isolation, a curfew. This is nonsense. We will not dance to anyone’s tune.

Unlike Belarus, most countries acquiesced, and so did households and businesses locked into the debt trap by an economy in which production and consumption were brought to a standstill. Like most emerging economies, they acquiesced to whatever terms were imposed for returning to “normal.” 

The lockdowns have now been lifted in most places, but the debt trap is about to snap shut. A moratorium on U.S. rents and student debt is due to come to an end, and cumulative arrears may need to be paid. Debtors unable to meet that burden could be out in the street, joining the “useless class” described by Prof. Harari. They may be forced into accepting the technocratic feudalism of the WEF Great Reset, but it is not the sort of future most people want. However, what are the alternatives? 

A Eurasian Jubilee?

For sovereign debt (the debt of national governments), a form of jubilee is envisioned by Sergei Glazyev in conjunction with the alternative monetary system currently being designed by the Eurasian Economic Union (EAEU), detailed in my last article here. Glazyev is the Minister for Integration and Macroeconomics of the Eurasia Economic Commission, the regulatory body of the EAEU. An article in The Cradle titled “Russia’s Sergey Glazyev Introduces the New Global Financial System” is headlined:

The world’s new monetary system, underpinned by a digital currency, will be backed by a basket of new foreign currencies and natural resources. And it will liberate the Global South from both western debt and IMF-induced austerity.

The article quotes Glazyev as stating:

Transition to the new world economic order will likely be accompanied by systematic refusal to honor obligations in dollars, euro, pound, and yen. In this respect, it will be no different from the example set by the countries issuing these currencies who thought it appropriate to steal foreign exchange reserves of Iraq, Iran, Venezuela, Afghanistan, and Russia to the tune of trillions of dollars. Since the US, Britain, EU, and Japan refused to honor their obligations and confiscated wealth of other nations which was held in their currencies, why should other countries be obliged to pay them back and to service their loans?

In any case, participation in the new economic system will not be constrained by the obligations in the old one. Countries of the Global South can be full participants of the new system regardless of their accumulated debts in dollars, euro, pound, and yen. Even if they were to default on their obligations in those currencies, this would have no bearing on their credit rating in the new financial system. Nationalization of extraction industry, likewise, would not cause a disruption. Further, should these countries reserve a portion of their natural resources for the backing of the new economic system, their respective weight in the currency basket of the new monetary unit would increase accordingly, providing that nation with larger currency reserves and credit capacity. In addition, bilateral swap lines with trading partner countries would provide them with adequate financing for co-investments and trade financing.

That may largely eliminate the sovereign debt overhang in the EAEU member countries, but what of the United States and other Western countries that are unlikely to join? Some innovative possibilities will be covered in Part 2 of this piece. Stay tuned.  

Ellen Brown
Ellen Brown

Ellen Brown is a regular contributor to ScheerPost. She is an attorney, founder of the Public Banking Institute, and author of thirteen books including the best-selling Web of Debt. Her latest book is Banking on the People: Democratizing Money in the Digital Age and her 400+ blog articles are at


  1. They are all sociopaths, and social impact investing (poverty pimping and primping) and their sickness around digitalizing life, education, thought, this is a deeply troubling thing, and it is a virus in many realms, not just with these techo fascists.

    The masters of the motherboard and cloud believe those of us who have faith in reality are working hard to push their insane concept of reality privilege.

    Study these people:

    Marc Andreessen (“The Internet King on why the Internet is a force for good, on media conformity, the inevitable triumph of the WEIRD, Crypto, Retards, etc. — Source) breaks down Reality Privilege:

    Your question is a great example of what I call Reality Privilege. This is a paraphrase of a concept articulated by Beau Cronin: “Consider the possibility that a visceral defense of the physical, and an accompanying dismissal of the virtual as inferior or escapist, is a result of superuser privileges.” A small percent of people live in a real-world environment that is rich, even overflowing, with glorious substance, beautiful settings, plentiful stimulation, and many fascinating people to talk to, and to work with, and to date. These are also *all* of the people who get to ask probing questions like yours. Everyone else, the vast majority of humanity, lacks Reality Privilege—their online world is, or will be, immeasurably richer and more fulfilling than most of the physical and social environment around them in the quote-unquote real world.

    The Reality Privileged, of course, call this conclusion dystopian, and demand that we prioritize improvements in reality over improvements in virtuality. To which I say: reality has had 5,000 years to get good, and is clearly still woefully lacking for most people; I don’t think we should wait another 5,000 years to see if it eventually closes the gap. We should build—and we are building—online worlds that make life and work and love wonderful for everyone, no matter what level of reality deprivation they find themselves in.

    Here’s a thought experiment for the counterfactual. Suppose we had all just spent the last 15 months of COVID lockdowns *without* the Internet, without the virtual world. As bad as the lockdowns have been for people’s well-being—and they’ve been bad—how much worse would they have been without the Internet? I think the answer is clear: profoundly, terribly worse. (Of course, pandemic lockdowns are not the norm—for that, we’ll have to wait for the climate lockdowns.)

    1. Indeed, 5,000 years of stupidity and we haven’t gotten smarter? 5,000 years of usurious issuing of money as interest bearing debt giving enormous power to a few who used it for power and to industrially assault the world for profit. 10 centuries before the Common Era the ancient Greeks recognized that the most vital prerogative of democratic self-governance is to issue and control the money. The Constitution provides this tool to fulfill the mandate for our government articulated in the first sentence of the preamble. We’ve just had dishonest criminals running things for over 2000 years, save a precious few brief examples of good money and the prosperity that ensues. Time to do the money right because that is where the power over public policy is. We need to reverse the centralization that the current system forces on people and stop mass schooling/indoctrination/categorization etc. and focus on care, increasing quality of life and healing people and planet, not lock them in a closet with virtual privileges.

      1. Ahh, something you said about “money and value been around since we came out of the mud? Nah, and you know that, that Mother Culture for hunters and gatherers was definitely the value of nothing, the valuation of shit, sticks or stones. Many tens of thousands of years of evolution. Then the devolution — agriculture, locking up the land, fencing it in, cutting off water, and outright murder for wheat and sheep. You get the picture.

        Amazing revolution, and an amazing interview with, Omar . . .

        Fire from the Mountain: In Search of Omar Cabezas

        That’s the value — charity, feeding people, stopping poverty. Listen up.

        And, hang in there with GRAIN . . . that’s value!

        People’s struggles for community-led food systems are entrenched in diverse cultures and social fabrics. In many parts of the world, that means relationships shaped by capitalism, where inequality, violence and exclusion are an internalised norm. In our day to day work as GRAIN, we denounce violence against women around industrial oil palm plantations, support campaigns to stop land grabbing fuelled by pension funds and development banks, and join in collective research and action to promote peasants’ own seeds systems. All of these struggles are taking place because of ongoing exploitation and discrimination. So to what extent are we ourselves, our partners and our funders influenced by these norms and reinforcing these dynamics? Can we grow more aware of, and assertive in, our role to overcome them?

        Read the full blog piece at:

      2. The Constitution provides this tool to fulfill the mandate for our government articulated in the first sentence of the preamble.

        The pre-amble isn’t the constitution. Article 1 section 8 is where it went wrong. What was learned in the Colonies was abrogated by Robert Morris.

        If Americans want to know exactly how, when and where the country failed, they have to go back to the beginning. Not properly codifying the money power left open a back door for the worst types of predators to usurp the republic.

        Robert Morris, prevented the Continental Congress from saying some key words in article 1 section 8.

        To borrow Money on the credit of the United States; Morris actively operated against including the words, “Emit Bills of Credit.


        The colonial period operated on bills of credit, issued debt free from government. Morris wanted to own the money power and be the major stock owner in his own bank, while providing his bank credit to the new country.

        Very rich people can become Hubristic. They begin to think they are god. This is especially true if their wealth is not earned, but instead is gained by manipulations. Morris was of this “sick type,” and he destroyed the country before it began.

    2. Well actually – it is our failure to deal with “reality” that has gotten us into this pickle, or gotten us pickled – our descent into a “virtual” world has only made it worse’

      The folks we considered “essential workers” are those that dealt in the “reality world” – and we failed, and still do, to protect them.

      Try living in this wonderful virtual world – heck META is planning on building it for us – 4 billion years of evolution has built us a “reality” world, on carbon based, not silicon based, life forms – it is an analogue world – made of infinite gradations, instead of a digital world of 1s and 0s with nothing in between – and no matter the permutations and combinations of “digits” you will not get a – carrot …

      Digital currency – no thanks – does no one realize that this will also be controlled and manipulated by a few – as they say, (s)he who has the gold makes the rules – modern version, just substitute “crypto” for “gold”

      Indeed A Brave New World – with Soma and games to keep us pacified … until our “real” world collapses altogether …

      1. Appreciate your thoughtful comments.
        Among those essential workers are the ones who mine the necessary trace elements in the physical world. Others who assemble them. The silicone fog of unreality may obscure those facts, but cannot eliminate them.

        The digital either/or is a sadly truncated version of human possibilities. Creative people, and those creative in their appreciation, realize there are way more values than 1 or 0. Art, poetry, mysticism. Expressed in nature as the Fibonacci series of growing plants and swirling galaxies. Sure, those can be modeled as computer programs. But in so doing, the human mind recognizes way more than 1 and 0.

        It IS indeed “an analogue world.” Indigenous peoples know by deep experience. So do many of us blue collar workers. For years, I was a ship engine room crew member. We appreciated the old analogue gauges where the needle position indicated an acceptable range as well as the red of danger. Immediate visuals, no translation needed. But digital types? Great for remote signals, I suppose, but not for local human processing.

      2. To Rafi,
        Thanx! Our fascination with technology has brought us no end of grief – the latest shiny thing that comes along makes our eyeballs do pinwheels and we are sucked in – with promises of all the wonderful things we can do – nuclear power, genetic engineering, AI – and when we become dependent on it, we discover a bit too late we screwed ourselves .. this time we are not the only ones getting screwed – an entire planet
        Human hubris – thinking we can become as gods, in control – so many “parables”, stories through the ages, about what happens when we do – Garden of Eden, Tower of Babel, Icarus and his wax wings, Pandora’s Box – and now silicon life forms …
        But, as they say, Nature bats last … so we can use our science to learn about Nature, “reality”, with the aim of controlling it or with the aim of learning how to live according to Her rules … or will we learn that lesson too late as well ..

      3. Yep SH, we’re over in a Max Headroom existence where the only free person is Blank Reg. There was an old anthropologists who died young named Eleanor Burke Leacock who studied matriarchal societies and reasoned that if we prioritize use value over speculative value that money is superfluous. Her seminal book is Myths of Male Dominance (1981).

      4. Soma and video/mind games have won the deep devotion of the shallow thinkers.

        Good thing we’ve figured out there are no gods so we can go straight to blaming ourselves.

        How many more wrong turns must we suffer?


    3. One blast from our 200 megaton EMP thermo-nuclear warheads at 1000 miles above sea level can wipe out those techno fascists in mere seconds but us Russians will remain unaffected.

      1. While “unaffected” may be a bit much, there might be something to this claim. I knew people who did chemical and nuclear weapons reduction negotiations. Soviet and Russian military airfields had potholes, cracked tarmac with weeds growing up through it, and faded paint on designation signs. Which seemed oddly unkempt to Americans. The Russians explained that during an actual war things are seldom pristine; they trained for poor conditions. The Russians also had clunky old fashioned looking electronic equipment with vacuum tubes. But guess what could survive an electromagnetic pulse?

      2. To Rafi,
        Yup, good ole’ fashion technology ….
        I love the show MacGyver – watch the reruns every Sunday 😀

  2. The People must come to know that money creation, from nothing and yet turned into a thing of ‘value’ – Poof! – is NOT a power that anyone actually has, not anyone, not any government, not any bank.

    There is no “authority” or anyone else that has some magical power to create a thing of value from nothing. And if no entity has this power it certainly cannot hand this power off to the very banks that now hold even governments hostage to this process!

    We all must know that the illiterate ‘pre-creation’ of units is different from unit creation that comes after the work is done as recognition/a record of it. We must articulate this difference to keep people aware that it is their own freely initiated enterprise that calls the use of money into existence. When we lose sight of this we lose our sovereignty.

    Marc Gauvin
    “Can money’s misrepresentation arise without an authority? Can a (money) authority arise/exist without money’s misrepresentation?

    The misrepresentation we refer to is the union of the concepts of commodity and standard measure. That has occurred over millennia both with money as a fungible asset (gold) and modern fiat money notes (i.e. multiples of a unit symbol). The same logical error occurs in both cases.
    The question is what requires the other to exist? – money (use) authority or money’s misrepresentation, or which depends on which. As an example, we don’t need an authority over the use of kilograms.”

    1. Aristotle defined Money as a social power embodied in law, which is basically an agreement. Are you saying we can’ have agreements to value something? Humanity has been doing that since it emerged from the mud. You will notice that weights and measures too are an agreement to keep them stable because how crazy would it be if they were not. Money is making people crazy, it has been losing value ever since the Fed was founded in 1913 and it is all because of interest debt. As Ellen shows, this is a problem that needs to be fixed and can be fixed. It just requires changing the law and in fact there is already legislation written (NEED Act HR2990) that would do just that, if we had a Congress that would pass it. Money should be created and issued as a permanently circulating asset (like the greenbacks) in order to solve the debt problem and would empower gov to effectively address all the other problems as well.

      1. When imperialists lay claim to the human labor and resources in a particular territory they enforce this by way of the system called money, which people falsely believe is something that an imperialist can create – Poof! – and then demand taxes in.

        The sovereign ‘authority’ to spend and then tax is a trap by which The People are ensnared into militarism they do not want. An ancient strategy called out by David Graeber in his book “Debt: The First 5000 Years.” Simple plan really – government declares its supreme authority to issue currency and first spends it into existence on the military. Then the self proclaimed authoritarian government (same self declared nonsense as the Divine Right Of Kings but disguised under the façade of ‘free and fair elections’) declares that The People must pay a tax with the ‘coin of the realm’ that the government first spent into existence with the military. (Yes, that very military industrial complex – the MIC – Eisenhower warned against.) And, wham, The People must do business with the MIC. The military needs to be fed, clothed, housed, outfitted, etc.
        The soldiers are the ones at the head of the pay line of the asinine imperialist power structure. Without the soldiers the imperialist has no one to kick ass for them. From there it becomes an easy control mechanism to get the populace to support the military even if they do not want war. The feudal lord simply paid the soldiers and military folk in the coin of the realm, and the populace would then have to ‘do business’ with the ‘military complex’ (or get their asses kicked by them) in order to obtain the necessary coinage to pay taxes. There is nothing substantially different in our present system or the system in any other country.

        It is precisely the framework of the operating system of authoritarian control over the creation of the economic unit of acCount that precludes democracy, ‘free’ enterprise, and peace.

        But things are worse than that, because illiterate illegitimate governments handed off the ‘control of money’ to people who think that they now have this magical power of creation and that they can attach fees and interest to the use of this power and then lay claim to the resources of whole countries that were pledged as collateral to The Magical Money Creator People. They/We have been doing this for so long that even they and us are afraid of system collapse and are trying to hold countries and governments acCountable for their feared “losses”!! This is just one huge illiterate house of cards.

        Former President of the FR Bank in Minnesota, Kocherlakota, proves the current definitions (and follow on assumptions about money) to be “vacuous” and asserts that the function of money is as a unit of measure/bookkeeping.
        In Kocherlakota’s words:
        “My argument demonstrates the vacuity of the three standard explanations of the role of fiat money in an economy: money acts as a store of value, a medium of exchange, and a unit of account….The traditional explanations for the presence of money in an economy are more descriptive of its functions than explanatory. The true explanation for money’s presence is that money is a record-keeping device.”
        “…Money is a record-keeping device; hence, monetary policy should be designed so that record-keeping is performed in the most efficient way possible. How do we do that? Currently, we do not know. But searching for the answers should lead to a more satisfactory (and robust) understanding of optimal monetary policy.” [1] (pages 2-3)
        We can start logically with if money is record keeping about the value of other things then the units themselves on the ledger sheets cannot themselves BE items of value. They are the abstract representation of the value contained in the genuine goods and services of value in interactions between people.
        And if money is a record keeping device whose units are used after the fact to do the recording then it clearly does not make sense that its units must pre-exist that which they will be used to record or that they must be pre-created by some magical mystical monetary unit creator, be that government or bank. It seems that this point is critical to the whole liberty and sovereignty question. That is the essence of the first response I posted above to Spike Cohen.
        When we establish that the origin of the currency unit comes into existence is as a simple function of annotation/bookkeeping of the freely initiated and determined economic enterprise (free sovereign enterprise) of the populace we free ourselves and our economics from the mistake that currency units/units of acCount can be things of value all by themselves.
        Just like we do not see a market in inches vs millimeters we also know that there is no magical inch or millimeter creator that must create the units before we can measure the length of things! What we have done in our own governance is establish the specifications for the measurement of length with these unit standards for length and weight and many other things that we measure with units. But we have not yet done so with the unit we are attempting to use as a standard abstract unit of representation of this thing called value.
        Money itself must be understood as a unit of measure of ‘value.’ And just like with other units of measure, no one actually ‘creates’ units for these purposes…..the governance of and by a free populace defines and specifies the reference criteria for the unit so that any and all can freely and reliably use it for the representational/measurement/annotation/book keeping purpose it serves. The role of government then is NOT in unit creation (or in handing this illiteracy off to banks) but is in regulation and adjudication of the consistent use of this tool across the society. del Mar puts it like this: “When money shall be recognized in the law, when it is defined, when its volume, magnitude, dimensions, limits are set forth as precisely, fixed as unchangeably, and protected as securely from alteration, as are now the dimensions of the yard-stick, the pint-pot, and the pound-weight, then, and then only, will money perfectly resemble other measures; for then only will it become a concrete thing of known dimensions. When this comes to pass, Aristotle’s definition of its function will resume its original correctness, and money will be as fit in fact, as it is now only in theory, to measure the relation called value.” Alexander del Mar, The Science of Money (1885)
        Marc Gauvin points out that a valid definition that is unequivocal is missing so far in human history.
        So, to stop the instability we must stop the attachment of value to the abstract unit for the representation of ‘value’ and then work to establish what shall be the specifications for such a unit. None in our circles or in those cited above have mistakenly or with illegitimate hubris claimed that they have the power to establish such a specification all by themselves ( as has been the case with the monetary impositions from imperialists down through the ages) but have simply called on the world to come at this question of money first from a conceptual analysis and then work together to establish a valid definition and specification. This is at the heart of the ages old desire for liberty and sovereignty.

        So, the first question is “What IS money?” You answer that wrong and you get what we have. We are not going to fix this with several more centuries of illiteracy.

        Two papers to understand the changes in our thinking and in the system we call money that will truly shift the paradigm.
        “A Systems Engineering Approach to Formal Monetary and Financial Stability Without the Vagaries of “Austerity” * Marc GAUVIN Sergio DOMINGUEZ, PhD Eng

        “The power of transaction type “a” when money is defined as only a passive record of value and not also a token of trade” Marc GAUVIN Sergio DOMINGUEZ, PhD Eng.

        Common every day practices in which money is conceived as both a measure of value and an article of trade of variable value, establish the circular relation where the standard unit of measure of value is also treated like an object of trade subject to “supply” and “circulation” and valued in terms of itself as if it were just another resource. As a standard measure of value it is required for all economic activity to enable the transaction of divisions of otherwise non divisible (non fungible) goods and services. But, as a commodity like resource, it must be supplied prior to any economic activity taking place. As such, it acts as a universal economic enabler and charged for at a per unit cost as if it were another industrial product. Said charges compound across value chain links and reiterations, geometrically inflating overall production costs, independently of any discretely measurable corresponding added value. This leads to a system wide instability, with the principle effect of exacerbating the demand for money beyond any supply, converting it into the most ubiquitous component of economic activity. By virtue of its universal demand, the money system interconnects all economic components into a single system of interdependency on the basis of its supply, over and beyond any non-monetary value of the corresponding goods and services. Because of this unique role as a sine-qua-non universal precursor, agents compete and/or conspire to accumulate positive balances to be exploited as economic leverage in transactions of goods and services, again independently of any non-monetary properties and virtues of these. This tendency to accumulate further exacerbates the system instability. According to fundamental control theory any unstable component of a system destabilises the behaviour of the whole system and ultimately all components are rendered unstable. Therefore it follows that individuals as components of the economy, will have their behaviour perturbed and destabilised leading to increasing otherwise unconscionable (corrupt) behaviour at all levels.
        When money is formally defined as solely a record of value and used accordingly, the money system is made Passive and therefore stable, only useful as a (stable) reference of value, required for representing divisions of value of otherwise indivisible goods and services. By virtue of money acting as a stable record/measure of economic activity, it cannot precede transactions and therefore cannot serve as leverage over economic activity. Thus, money only serves to inform control of economic activity without in any way imposing limiting imperatives exogenous to real world activity.
        Moreover, of the four transaction type permutations, type A transactions (positive buys from negative) serve to defuse risk in the system by reducing the total value at risk of non reciprocation and since there is no incentive to accumulate balances, there exists no bias towards type D transactions (positive buys from positive). Finally, as a Passive stable system the money system no longer can systemically destabilise (corrupt) the behaviour of its components, including individual agents i.e. you and I. “

      2. I some time wonder who some of these idiot com to such conclusion,or ideas?

      3. Money should be created and issued as a permanently circulating asset (like the greenbacks) in order to solve the debt problem and would empower gov to effectively address all the other problems as well.


        HR2990 is good, but there also has to be some drain. Taxes are not fine tuned implement to drain for the S curve of any normal economy.

        The arguments for the Federal Reserve were to have an elastic currency. That is because of the S curve inherent to the seasons. You have to deal with the S curve.

        So, there has to be some non disappearing money, such as Greenbacks, and there also has to hypothecation money that can surge and disappear to flex to the s shape.

        The hypothecation money, which is credit, can surge and disappear. Credit has a debt instrument attached, and must be reachable with sovereign law.

    2. Talk about being alienated from the fruits of your labor:
      Digitized money would be the ultimate insult.

      1. Well there is, isn’t there? There’s an intangible but nevertheless real thing called ‘group thought’.

        If a group decides to modify its behaviour in this or that respect then that’s that. They have the authority to do that. By mutual agreement.

        Members of the group should have the option to leave and so on… different questions/aspects, they are. But in the main: decide upon a medium of exchange? Sure. Go for it.

        Or have I missed your point? Probably. If so, sorry.

    3. When the Founding Fathers used the term ‘Dollar’ in the Constitution it was undefined, yet commonly in use at the same time. This was cleared up and codified in the Coinage Act of 1782 which set 371.25 grains of silver as the standard unit of the measure for value which was called a dollar.
      The use of a set amount of precious metal as a unit of measure for value is both simple and effective but has been obliterated from modern comprehension.

  3. I have been calling the Great Reset the Great Regret, simply because the people have NO SAY in the planning and outcome. It is apparently dictated by super wealthy, control freaks, who are self-appointed Experts in the World Economic Forum. A great recipe for Disaster. It is crystal clear that their intentions are not good for the common human being. They want to dominate everything, control everyone except themselves, and they promise we will own nothing and be happy. I would be very happy if they owned nothing as well and we treated all material goods and property as God’s such that all of humanity shares equally in access to such property and goods. After all, whose is it when we die? It should be common property with rules for equal use and requiring equal participation in maintaining/manufacturing etc. of the property/material goods..

      1. We can’t have billionaires (and millionaires, and the well off making money off of pollution, toxins, war, penury) and stop climate change . . . quoting:

        Knowing how income correlates with ecological breakdown should make us think twice about how our culture idolises rich people. There is nothing worth celebrating about their excesses. In an era of ecological breakdown, excess is literally deadly.

        Inequality is also destructive in subtler ways. Sociologists have found that inequality generates status anxiety. It makes people feel that what they have is inadequate. It creates constant pressure for people to earn and buy more – not because they actually need it, but because they want to approximate the consumption habits of richer people just to feel that they have some modicum of dignity.

        A team of researchers at the University of Warwick found that people who live in highly unequal societies are more likely to shop for luxury brands than people who live in more egalitarian societies. And it’s never enough: we keep buying more stuff in order to feel better about ourselves, but it doesn’t work because the benchmark is pushed perpetually out of reach. This treadmill of anxiety-induced consumption generates extraordinary ecological damage.

  4. A world war will soon be fought over this. In fact it has already started.

  5. Though there is a lot of concern regarding the WEF’s new concept of the “Great Reset”, such concepts are created by people who have no connection to reality.

    The result is a lot of planning with a lot of subsequent chaos and eventual failure. Depsite all the chaos we have seen in the past 30 years by these very same people can anyone say as to exactly what plans have been implemented successfully? The most recent and largest of such plans was the Obama Administration’s coercive attempts to implement the Trans Pacific Partnership, which would have subordinated member, sovereign governments to a world trade organization that had the last word in any country’s business practices and disputes.

    How did that work out?

    Will these people attempt to implement their new plans? Of course. However, as analysts are starting to note, the world is awakening to all this insidiousness on the parts of such people, even here in the United States. And with Russia and China offering a new financial system to the world along with younger generations of Americans completely fed up with the US political infrastructure, it is highly unlikely that Schwab and his kind are going to see a great measure of success.

    And we also do not know yet what the long term consequences of the Ukraine Conflict will be for the US and the EU.

    In terms of the EU, many legitimate analysts are seeing a death knell for that region as so many of the European nations’ leaders are seemingly willing to commit economic suicide like Ukraine is will to commit national suicide with the pressure and encouragement of the US.

    This does not seem like a sound footing to initiate the “Great Reset” on.

    We already saw in the US how the Conservative forces reacted to the Covid-19 mandates and lock-downs, though predicated on a lot of stupidity and misinformation by their own leaders, Conservatives however, did in fact demonstrate what is waiting for such plans if they are attempted to be implemented here.

    And with the Democrats (the ones who most often look to social engineering in such ways) looking at a Red Wave in November, I believe the US will see a hardening towards such planning while a window of opportunity for Ellen Brown and her colleagues may be available to approach the new Conservative politicians with legitimate plans to allow for the elimination of the very debt forces that now have a stranglehold on our nation’s economy and future…

    1. The precursor to TPP occurred in Illinois when Obama was a state senator.
      He wrote a bill (at funder insistence) to allow resource officers to write large tickets to public school students for minor misbehavior. He said suspensions and detentions were not enough to make students “responsible”. These tickets were adjudicated in special municipal courts by contracted personnel without legal representation or appeal. Fines could accrue and follow the students throughout life. The record could not be expunged. Collections agencies hounded parents struggling in poverty. So you could see even then the obedience to authority (wealth) and irrationality of our Constitutional Scholar drone President. But then, Trump would rather “shoot ’em in the legs” or “grab ’em by the pu**y.” That’s the kind of choices we get.

  6. Well, now that the global monetary economy has Uber-Mega FAILED and created THE perfect storm to bring about an actual People’s REFORM to our inter-national sovereign money systems , our great money and debt leader Ellen Brown abandons further the one known, tried and true “monetary” remedy – that of DEBT-free public money issuance and administration – all as done in our Colonial history for longer than the Fed has existed, all as proposed in 2010 and 2011 in legislation engineered by Congr. Dennis Kucinich and the American Monetary Institute (AMI) – you know, Greenbacks! Yes, electronic, not digital, Greenbacks.

    While we all gladly await Part II of Ellen’s current thinking on monetary matters, the framework being indicated – of a ‘digital’ variety – has right off the bat followed the ‘wrong-path route of the global international financialistas and their Big Data Consorts.

    For the record, ‘digital’ is not the same as ‘electronic’.

    Digital is – for the record – exclusively ‘virtual’ in nature.
    The Virtual Currency of the Central Bankers.
    Yeah. Let’s Do That !
    So I disagree at the outset here.

    Overcoming the Great Reset juggernaut will require an alternative Plan.

    The Great Resettlement.
    Among the nations, their peoples and the DEBT – holders.

    It’s the DEBTS that will get repudiated, for good causes given.
    Like – the capitalist bankers money system that for centuries have created and issued our money also simultaneously create debt balances – payable ONLY with money – for which no money is made available.

    What does Michael Hudson think is responsible for all this UNPAYABLE DEBT ?
    It’s the system.
    It’s their system.
    And we NEED TO take it back.

    The Money Apprentice

  7. I think people should think outside the box. There should be no rich people. If you allow people to be rich at all, in the way we do it, you are begging for sociopaths to destroy the world for fun and profit.

    We don’t understand that because we’ve had rich people for a really, really long time, and we literally cannot comprehend a different world. We think we can, but we cannot. It’s because we keep taking the same world apart and trying to put it back together differently, but the parts always go where they went before, and they always function the same way they did before.

    If you don’t think so, I can only suggest that you stop reading economics and start reading much more history. And not just western civilization’s history, but take a decade or so to learn about everyone ELSE in the world, especially the people we have destroyed – indigenous people everywhere on the planet, particularly the sophisticated Nature cultures like existed in North America, although that would be difficult because we came quite close to completely exterminating them.

    They had it figured out. Especially the non-violent societies, which absolutely did and still exist. That way of living was about as good as life is ever going to get for humans on Earth. Because of . . . wait for it . . . biology. Not just our biology, either, but how biology works everywhere.

    This is Planet Earth, not Planet Human. We’re living on the wrong planet in our minds. We live on a planet that believes in wealth.

    The Real Planet Earth believes in abundance, but not wealth. It’s a different planet.

      1. Yep. But the devil’s in the details isn’t it? Definitions. You and I are rich. Enormously rich. Fantastically rich.
        Compared with many millions in the world. Who have dirt floors and no money in the bank at all, ever, and scratch every single day for food and so on and s o on..
        There’s millions of refugees all over the world demonstrate this isn’t there?
        But also millions that always live like this.
        And then there’s millions like the North Koreans who I believe has a somewhat higher level of subsistence but still pitiful next to us.
        And then amongst us there are those who are really ‘poor’ compared to what we have. I know, I’ve been there.
        Rented accommodation, cannot have much because have to keep moving and sell at a loss or give away, can’t even afford a decent car, etc. etc..
        So there’s the detail: how/where do we define ‘rich’.

  8. I want to add, and emphasize, that I call these other cultures “Nature” cultures for a reason. I don’t call them “primitive” or “stone age” because that is ignorant. They were Nature cultures, sophisticated regarding their environments, sophisticated in biological science, sophisticated philosophically.

    They were sophisticated in ways that were far beyond the ability to make weapons and enslave animals and people.

  9. Ms Ellen Brown’s latest article should be a clear indication of what lies ahead for the average citizen at home and abroad, if they don’t become “active” and demand, and work for a new system of finance.

    It would be nice for a genuine Jubilee of debt forgiveness, especially among college students. If Uncle Sam can spend Billions of dollars every year for the “Death and the Destruction industry, aka, the Military Industrial Complex, they can take care of the American people, with Jubilees, Social Security , Medicare and Medicaid increases, fund public education adequately and of course helping the disabled and homeless population, which is increasing, and support small family farms with no strings attached financial assistance when Mother Nature’s weather and man-made pollution and climate change causes severe crop damage or failure.

    It’s an uphill battle to change “The System” but if there is a “Will” then there are “Ways” to do it.

    Can hardly wait to read Part 2 of Ms Brown’s article! And as always, Ellen has good references to further educate ourselves and others on the topic.

      1. How egalitarian for the author to reply.
        Not generally done, these days.

  10. You go a bit too fast for me and don’t do an essential points summary aimed at dummies.
    So the scheme is to make all countries inescapably beholden to the IMF by destroying their economies via the covid insane response?
    And then that mountain of debt is enough to tip the balance of the whole unstable, top heavy system?
    So then a new system can be and will be installed requiring all the bad things.
    Is that it?
    And you are in part 2 going to give us some ideas of a better way out of it all?
    I can’t wait.
    To my simple mind the essential problem is simple capitalism or free market economics or whatever – human nature if you like.
    Exemplified by the board game ‘Monopoly’ which I believe was designed by an economist to illustrate just this.
    It shows that inevitably all the money ends up in the hands of a few. So then you need a ‘great reset’ and we start a new game.
    That’s not quite the same as we see to have now (to my unschooled mind, layman’s mind) for here it’s not that a few have all the money it’s that too much has been publicly borrowed and the public (via their govts) committed to repaying more than is actually ever going to be possible.
    I can’t untangle it because I don’t have the training.
    Seeing the strife between economists I wonder if anyone has.
    But for instance I don’t see how it matters if ‘a few have all the money’ because ‘having all the money’, like Gates for instance, simply means he owns many shares in big companies with high stock market value. But that’s all dream wealth. It is not real until they’re sold.
    Until he sells the money is still out there. He can’t have both at once. The money and the stock.
    It’s like calling a shop rich because it has all the tinned tomatoes in the world. But until they sell some they’re essentially poor in fact, with the task and expense of supporting that shop.
    So I don’t worry about ‘who owns all the wealth’.
    I just worry about we the public being signed up to much debt. Meaning our govts take all our money and pay it out to the lenders.
    Well it’s a small fraction of those lenders are the public isn’t it? And then via superannuation funds and such.
    So just don’t pay. Extinguish the debt. Deny it.
    Unfeasible? Impossible? Please inform.
    My instinctive solution and I think the one most of us uneducated victims of these scams is simply ‘don’t pay’.
    Kinda crucial for us to know why that won’t work if it won’t work.

    1. Mr. Brogard,

      Maybe take your time and read the article again. It’s really not complicated. Do the research if you’re interested on the IMF and the stipulations they impose on nations who borrow from them. They’re certainly not the Salvation Army at Christmas time or some charitable institution giving out free dinners on Thanksgiving.

      How much “power” and “sway” do the “infamous international bankers have with heads of state?
      The situation in Ukraine started back in 2013-2014 when the Russian Federation offered Ukraine a better deal on a loan then did the Wall Street /Wash. D.C. crowd, who advocated “austerity” measures on the Ukrainian people for insuring the loan would be repaid with usurious rates of interest. When the government in Kiev decided to take the Russian loan, Hateful Hillary’s hatchet woman, Victoria Nuland went over to Kiev and to use a phrase from Mario Puzo’s “The Godfather,” Made them a deal they couldn’t refuse.

      We are on the verge of the third world war over – you guessed it – $$$$$$$$$$.

      1. well thankyou for coming back to me and providing a bit more info. I appreciate it.
        But ‘reread and think’ ?
        Come on.
        If it is that simple then just say it.
        Remember Einstein? “If you can’t explain it simply you don’t understand it well enough” ?

      2. Arthur, Nowhere in my comment to you did I use the word “think.” Obviously, you thought about Ms Brown’s article to post a comment.

        I know the Einstein quote and for that matter, Confucius, the Chines philosopher said something similar about simplifying what you want to impart to others so the vast majority understand the message.

        And I thank you for replying to me, but more importantly, may we (and everyone else reading the article) understand what the author’s narrative is and how it’s trending for “future enslavement” as in the Great Reset and the so-called Covid Pandemic.


    2. “My instinctive solution and I think the one most of us uneducated victims of these scams is simply ‘don’t pay’. Kinda crucial for us to know why that won’t work if it won’t work.”
      My simple answer would be, you’re liable to get jail time for it. All those private debts are to private lenders who have contract rights. Even the big institutional lenders have our pension money, so we can’t just write the debts off. They need to be paid, but how? I’ll tackle that next week! 🙂

      1. Here is how to pay the debt and fix the currency issue;

        Amend US constitution to prohibit debt based currency and formally define to US notes as the only lawful tender where US citizens are offered federal reserve note to US note logarithmic swap ratios that diminish swap ratio for the more notes swapped. Simultaneously, have the Federal Reserve print federal reserve notes and pay ALL outstanding debts in FRNs. This will effectively blow up the Federal Reserve Notes by making them worthless while formally paying the debts and offering a swap for US citizens to ensure seamless and painless transition to a new currency system. In that process the IMF should be sent to the dustbin of history at a minimum – although a declaration of war on the IMF and its complete annihilation would be justified.

        The logarithmic swap ratios would serve two functions – rebalance the extreme wealth differentials and ensure that inflation would not spill over into US notes from toxic Federal Reserve Notes.

        If we wanted to ensure the extreme wealth imbalance then after the FRN to USN swap future currency could be set to only enter circulation through issuing accounts with a set amount of USN to every US citizen entering adulthood with an equal amount issued to govt for infrastructure costs. Issuing currency into circulation to everyone means banks would transition to service brokers where individual or corp loans could only be obtained from individuals willing to loan their currency to those peopke/organizations they choose- this would give people the power to end environmentally harmful companies by refusing to invest/loan the money. To control inflation everytime someone dies the amount originally issued to them snd govt simply expires and is removed from circulation. All of this would also ensure that govt is kept tiny and little more than a service bureau facilitating infrastructure needs. This scenario would also eliminate the extreme inefficiencies of income/sales/other taxation practices.

  11. Ellen provides a good summary of our global predicament but it seems to me that the majority of people in the world are still unable or unwilling to see it. Hopefully that will change before it is too late to take effective action.

    Regarding Glazyev’s proposal, I’ve not yet read it but based on Ellen’s description it seems to preserve most of the feature of the dysfunctional and destructive global money system and does not address the basic problems, which are the over-centralized control of credit allocation payment systems, and the creation of money based on interest-bearing debt, which causes the debt-bubble and the wealth gap in the first place.

    There must be a debt Jubilee, AND there must be a shift of the money creation process and the allocation of credit away from global mega-institutions and toward producers and providers of real value by enabling them to monetize the value of their goods and/or services by spending their own private currency vouchers into circulation, either individually or collectively, and by organizing themselves into small, localized and independent self-governing credit clearing circles that allow them to pay each other without using political fiat money and without the burden of interest. These circles can then be networked together to provide a decentralized, locally controlled global network of exchange that is fair and free of the debt-growth imperative.

    1. I agree with you on decentralized credit systems (and am a fan of your books). My book, How to Dismantle an Empire, concludes with the steps to create community credit systems backed by the mortgages, with public banks capitalized by the Social Security Trust Fund. On my Third Paradigm Substack and YouTube, I have an episode on Glazyev’s plan called The West vs The Rest, which I think is going to be a debt jubilee and is going to tank the petrodollar’s ability to extract without trade. And I explain the principles that a community-based system would need to have in my new episode, Build a New Model.

  12. Thanks Tom. So how would you monetize individual productivity? With digital coins? I did see an interesting proposal that farmers could issue digital coins backed by their future production. You could buy the coins as a sort of investment in food futures. You could then use your coins to buy the farmers’ corn, etc. when harvest time rolls around. A good investment today, when people aren’t sure how long produce is going to be available at reasonable prices!

    1. No need for digital coins except perhaps as a way of securely moving credits from the ledger of one clearing circle to that of another.
      In reality, only producers of real value (goods/services) are qualified to issue money/currency. We simply need to build the organizational structure for that to happen smoothly. In credit clearing circles, like commercial “barter” exchanges credit lines are allocated to the various producer members and a ledger is kept in which credits from sales offset debits from purchases. All of that is clearly described in my book, The End of Money and the Future of Civilization, (and in my many presentations and podcasts). I hope you’ll eventually take the time to dig into them.

    2. Debt jubilees reset empires’ social contracts and economies. The problem was that the debt always came back. We need to integrate both a doubling of individual purchasing power with a 50% discount/rebate policy at retail sale and a 50% debt jubilee policy at the point of loan signing into the present debt based system. This integrates the new monetary paradigm of Gifting directly and continuously into the economic process.

      There are many other benefits enabled by these two policies including 1) re-industrialization of the USA in the most technologically efficent and ecologically sane way possible, 2) massive yet inflation free fiscal spending in order to fund the mega project necessary to confront climate change, 3) at least 50% personal and corporate tax cuts for those enterprises that do not inflate their prices (and a 100% tax rate on any revenue garnered from unjustified price increases), 4) the end of the dominance of Finance and its monopolistic paradigm of Debt Only for the creation and distribution of money/credit, 5) psychological renewal and rejuvenation (imagine the benefit of increased self actualization of gratitude for receiving a 50% gift to pay for everything from a sweet potato to a house on a continuing daily basis could have on the general populace.

  13. Dear Ellen, Do you remember me from the Money conference we had where I was asked to do Eurythmy with the attendants?
    Do you have a book one can purchase about your ideas on the future with money? I have had the impossible idea to write a book with title The Small Money and The Big Money

    1. Thanks Truus. Yes, at a conference at Bretton Woods, correct? My latest book is called Banking on the People and was published in 2018. I’m now mostly just writing articles, and my own thinking keeps evolving! Interesting times …

  14. Complementary comments and supplemental links to bolster Ellen Brown’s excellent piece.

    There is an evil predator globalist technocratic elite agenda of eugenics/depopulation/genocide using bioweapon poison jabs, war, EMF radiation, GEOENGINEERING, starvation and economic collapse – THE GREAT RESET/AGENDA 2030/4TH INDUSTRIAL REVOLUTION to get rid of billions of ‘useless eaters’ and to use nano tech to turn the survivors into ROBOTIZED COMPLIANT SLAVES! WAKE UP AND RESIST! DO NOT COMPLY! These are psychopath megalomaniacs who want to play god by turning all life into digitized metaverse mechanistic synthetic biology to be manipulated by their AI algorithms. A more demonic sickening idea is nearly impossible to imagine!








    Pam Popper:

    Del Bigtree:

    Naomi Wolf:

  15. We need a reset of capitalism?

    Like I wrote, we keep taking our world apart and putting it back together in the same way, hoping for it turn out differently. What is capitalism? At its core, it is profit. Without the profit, it’s just trade. Trade doesn’t require profit, only exchange. Trade that costs to trade, like burning fossil fuels to transport commodities, is something else altogether.

    What will the Lake Mead and and Lake Powell reservoir failures do to the economy? About 30 million people are about to run out of water in the American southwest. Not to mention the farming in the region that is so essential to the “economy” everywhere in the country. Our farming is collapsing along with the environment.

    Food is a nonnegotiable for humans. We’re not unique that way.

    There is no scientific evidence that the drought is going to do anything but get worse, like all the other climate catastrophes occurring.

    I live in Alaska. The finest managed fisheries in the country, we like to say. At least, we call what we do “managing” the fisheries. The fisheries actually manage themselves without any help from us, and they have for several million years. (Our hubris is revealed in our language all the time.)

    What we manage are fishermen and other humans. But we’re incompetent at it, so our fisheries are dying. The oceans are dying, from overfishing, plastic, toxic waste and increasing acidity from CO2 (all things that make up and come from the holy economy).

    In 2020 NOAA stated that 89% of the fisheries in the US were already overfished, or being overfished. Fifteen commercial and subsistence fisheries have failed since 2018 in this state, and Alaska Natives that have subsistence fished for salmon for 10,000 years aren’t seeing salmon swim up the rivers anymore.

    It is estimated that by 2050 there will be more plastic in the oceans by weight than there will be fish.

    The covid lockdown was our way forward. It showed how seriously NON-essential most of our economic activities are, and it really is nearly all of them. We aren’t going to take that way forward, even though the science says we must.

    I guess the good news is, there isn’t going to be any debt in our future.

    The bad new is, we could have had it all. We could have had acting, and dancing, and great food, and beautiful landscapes everywhere that were clean and healthy and full of life. We could have had sports, medicine, philosophy, biology, science, story telling, love, romance, and children and grandchildren, and beauty and joy and wonder. And we could have had it all without money or an economy. People did it for thousands of years.

    As an aside, I have to tell you, those fresh Copper River Reds that I caught for many years were the most delicious thing I have ever eaten in my entire life. I will dream of them forever.

    1. Last night I watched a documentary on PBS where a guy was eating maggots grown in a Scandinavian factory. He smiled and said they were tasty. The ice princess conducting his tour insisted cows and chickens were obsolete foods. We ought to remake Soylent Green and have Charleton Heston bring Edward G. Robinson a maggot salad sandwich instead of a steak. Maybe then people could begin to understand Reset.

  16. Intelligent Design: Google, CEOs of AI, diodes, the “amazing” elites with their permanent war, disruptive economies, creative design to take over control of the Goyim. It is so tied to Zionism and Judaism:

    Listen up:

    How does Israel and one of the largest and most powerful Ultra Orthodox Zionist organisations merge with Ukrainian nationalism and state-sanctioned Nazism?

    In this deep dive with historian and author Matt Ehret we examine the history of Zionism in Ukraine and the origin of many of the Zionist ultra nationalist groups now occupying Palestinian territory since the Nakba (ethnic cleansing of Palestine) in 1948.

    We look at the emergence of the Chabad Lubavitch sect that was established before Zionism came into existence and has its origins in Ukraine – now with 10,000 emissaries in 100 countries at the cutting edge of Zionist expansionism. This group is believed to be responsible for the majority of the price tag attacks in occupied Palestine, denies the right to return for all Palestinians and leads the ideological war against non adherents of Judaism.

    We make the link between this secular ultra nationalist ideology and consider how it is mutually inclusive of the Ukrainian far right and Nazi elements that now dominate Ukrainian politics, military and police. Matt analyses the Oligarchical power base behind these cults and how it ties into the Great Reset/WEF agenda that is threatening Humanity.

    1. Running short of Palestinians they ingeniously recruited the Ukrainians as a substitution (Greedspan) , thus avoiding Inflation pressures.

  17. When I read your quotations of Sergei Glazyev, the light bulb that went on over my head could have illuminated my entire bldg. The current situation in Ukraine is not just some ill-conceived fantasy of an ignorant dictator seeking to revive the Tsarist empire. No matter how desperately the elites of the US and NATO want to believe their own propaganda.

    Clearly the Russians have planned out exactly what they are doing and how to do it. Why wouldn’t the global South approve? What does the west ever offer except more of the same harsh conditions and de facto economic servitude?

    The books of Kim Stanley Robinson, the popular Sci-Fi writer, are visions of alternatives to endless growth capitalism. He wrote “The Ministry for the Future,” a must-read Cli-fi genre near future when crisis has hit. Robinson’s dissertation advisor was Marxist Frederic James: “Someone once said that it is easier to imagine the end of the world than to imagine the end of capitalism. We can now revise that and witness the attempt to imagine capitalism by way of imagining the end of the world.”

    That’s where the current US dominated econ system, based on the devastation of nature and the destruction of human communities, is taking us. However, there is a huge segment of the world that isn’t going to go quietly.

  18. Ellen, I am sure you know that customer collateral, precedes the appearance of bank capital, during loan creation. The mark of a true civilisation will be the monetisation of customer collateral, as interest-free customer assets. This is the forbidding of interest, upon money, and the diffusing of the monetary power into the hearts of the people. Say goodbye to all psychopathic power groups. This, of course, suggests that the monetary system is never privatised, and that the national banks offer profit-free financial services!

    And when the private debt banks force their customers, to accept the burdens arising from compound interest, by promoting the belief that the customer is loaning valuable, preexisting bank capital, then do such fraudulent loans need to be repaid? I think not. The bankers will be lucky if they are not charged cartel penalties, as well as repaying their customers!

  19. If I could understand even half of these posts, I would probably be screaming right now.
    As it is, I’ll just ignore them.

    1. Screaming and crying are justified.
      As Gerry Marsden wrote:

      We know that crying’s not a bad thing.
      But stop your crying when the birds sing.
      Your heart may be broken tonight
      But tomorrow in the morning light
      Don’t let the sun catch you cryin’

      Recorded: December 9, 1963
      Gerry and the Pacemakers

  20. Probably the most moronic new age for thinking I’ve ever read. Debt doesn’t create money, real products create money. Cars, refrigerators, corn, music .. these things created money. Debt can only be repaid when a person works, creates more things, and pays back the promise they made in the manner they agreed to. No one is forced into debt, it is a choice made to have something now by agreeing to give up more in the future. If people borrowed less, they would have more money to spend and our economies would improve.

    Wiping out debt is the act of rewarding bad behavior at the cost of those that behaved as they agreed and results in contempt by those that paid their debts. Contempt against the government because their good behavior was not rewarded and contempt against those that failed to live up to the promises they made as being lazy or stupid. It further divides society into rule followers and rule breakers.

    There is nothing wrong with being wealthy. People today are far better off than they were a hundred years ago. And the majority of that is due to the ability to accumulate wealth. People complain about their jobs, but how many have the will or ability to start their own company. I recognized a long time ago I didn’t have what it takes to be wealthy and learned to have a modest life either my means without blaming anyone but me for the state of my life. That’s called being responsible and is part of being an adult. I learned that I will always need someone else setting priorities and telling me what is needed for me to earn my paycheck.

    Only children and immature adults blame others for their station in life.

    1. John F.
      We’re not discussing your student loans here.
      If you looked at the chart Ellen Brown shared you can see evidence that the entire Capitalist ledger is so out of balance that no one can ever grow enough corn or make enough copyrighted music to retire overwhelming debt. Michael Hudson always advises, “Debts that can’t be paid won’t be paid.”
      If life were as simple as John F. you could blame borrowers. But it’s not. Many times bribed politicians, and even business associations impose debts on millions of people without either their approval or knowledge. It’s happened to Sri Lanka, Pakistan, Ukraine and the USA. It’s some lawless and crazy stuff. Right now investors want to privatize all the carbon sinks on the planet and charge us a tax to manage them (Monthly Review had a good summary).
      Jon F. says there’s nothing wrong (with imbalanced wealth). He’s a Denialist
      who will be reaped right along with the rest of us when the note holders consider us ripe.

    2. Why they allow you your egotistical, URL laden self-promotion here is beyond me. Learn to not use “I” in a comment post!

    3. You forget that ‘wealthy’ is a relative term. Everyone seems to forget that fact in this discussion.
      You ARE wealthy in comparison with millions of others.
      That’s one thing.
      Then there’s another – every measure and comparison of wealthy as against poor is a chosen metric. Not some universal truth. The metric being used may be effectively a nonsense giving rise to a nonsensical discussion.
      So: ‘wealthy in comparison’ : example: me at home in my lovely solid, paid for home and a Yemeni peasant just bombed out of house and home and children killed by USA backed Saudi attack. Clear?

      So: ‘the metric’ : Metric: sheer money: billionaire as against peasant. Metric: health: wheelchair bound Parkinson’s disease billionaire as against ‘peasant’ African with productive farm, strong and healthy.

      I’m not good at it. But I think I have a point and I hope I’ve managed to demonstrate it.

      It is not monetary wealth and inequalities in the distribution is the problem per se. That’s the facile misdirection we’ve become accustomed to during two years of the Covid Insanity.

    4. This statement below does little to define how the “advanced” economies of the world money systems REALLY work:
      “Debt can only be repaid when a person works, creates more things, and pays back the promise they made in the manner they agreed to. No one is forced into debt, it is a choice made to have something now by agreeing to give up more in the future. If people borrowed less, they would have more money to spend and our economies would improve.”
      When 95 to 97 percentof the money created is created by commercial banks as debt (ABSOLUTELY EMPIRICALLY PROVEN BY THE POSITION PAPER BY THE BANK OF ENGLAND BELOW) then ALL money in advanced economies IS DEBT! And the DEBT is owed to PRIVATE banks WITH INTEREST. MONEY IS DEBT through and through. Banks now DO NOT borrow money from rich people or corporations to lend to OTHER people or enterprises that need money (called “loanable funds” theory of money creation). Nor do private banks borrow from other banks to loan money to people . Private banks create money OUT OF THIN AIR TO LOAN TO YOU WITH INTEREST! Professor Richard Werner explains this in this YouTube (becuase he was the one that EMPIRICALLY proved that private banks create money out of thin air) His monetary theory is called the ‘credit creation on money theory”. As Professor Steve Keen, Phd says: “Private banks are NOT intermediaries between lenders and borrower…private banks are money manufacturers” (as debt). As iconic monetary documentary filmaker (“The Secret of Oz” film) BIll Still says: essentially, using the system we have of PRIVATE banking, our government allows PRIVATE banks to have the private citizens RENT the money supply by having citizens borrow from PRIVATE banks . And, to add insult to injury, the citizens paying PRIVATE banks interest. Everyone in modern societies needs money to exist. Why not let the GOVERNMENT issue all money WITHOUT interest? Many monetary theorists and activists like Fredrick Soddy and Henry George have written that money creation should NEVER be in the hands of private corporations (private banks)… ONLY governments should create money. (This is partially how it was done, properly, with Lincolns Greenback monetary miracle). The other biggest trap that modern advanced economies face is the Cantillion Effect. Because of Clinton’s administration political coup d’état: of removing Glass Stegall monetary system protections, that is when the “decent into hell- for the working class” began. Those huge “too big to fail” banks, hedge fund managers, & financiers won GIGANTICALLY with the loss of Glass -Stegall firewall. This is because of their parasitic relationship with the government- they get access to the money printing machine the earliest in the process of money creation (through the totally undemocratic FED system) . These corporate “insiders” then have every machination at their disposal (tax laws, political bribes through lobbying, gargantuan lines of credit that are not available to the ordinary working class stiff) and they MANIPULATE by mostly gambling and hedging (by the way… these “insiders” do nothing involved with actual PRODUCTIVE building of products and services that people want and need). These insiders build wealth by financial manipulation ONLY. This is called FINANCIALIZATION and is one of the causes of the greatest decline in the working class standards of in the world in the last 40 or so years. The statement: ” No one is forced into debt, it is a choice made to have something now by agreeing to give up more in the future. If people borrowed less, they would have more money to spend and our economies would improve.” is totally lacking of knowledge of how the insiders always win at this rigged monetary system. As famed and illustrious economist, Michael Hudson, Phd says: “The system is rigged so that it is always sunny on Wall Street (Goldman Sachs in particular) and it is always raining on Main street” . The reason why economies (particularly in the West) are stagnant is because huge MISALLOCATION of money creation: by new money creation going toward FINANCIALZATION instead of investment in PRODUCTIVE enterprises/INDUSTRY and DECENTRALIZATION of finance. Here is the research piece by the Bank of England: Mike – monetary reformer New Mexico

  21. Ellen Brown is smart, but she too is arguing from the position of lacking a coherent theory of what money is. To the (considerable) extent of financiers’ high standard of living, loans do create their own interest.
    Her categorical assertion is wrong, and jubilees are no more than band-aid solutions to a perpetual hemorrhaging. The point is that while profits are the only way to distribute expertise-induced growth in commodity production, there is no logical justification for profits in banking. Our economy is commodity demand-side determined; and its money isn’t a commodity, but strictly a non-material unit of account.

  22. There’s nothing wrong with being wealthy?

    Yes, there is. There is everything wrong with being wealthy. Primarily, and most importantly of all, it’s just not how the planet works to sustain life.

    The planet works to sustain life by providing ABUNDANTLY at a specific, measured rate based on the physics of Earth’s placement in the solar system and on biological Natural Law.

    There isn’t a single species that exists that can take more its environment, especially thousands of times more than is needed to sustain its life, and still have an environment and future.

    The short version is, it’s Reality that there is something fundamentally wrong, i.e., egregiously destructive to our world, with wealth.

    Violence and suffering are built into our world because of death and pain we experience as biological creatures. We have to do harm to something to live, as do most living things.

    Morality is about causing harm. Like capitalism is about profit, morality is about suffering and causing harm and suffering. We have to do harm to live, but morality is the measure of how much harm we do, and when it becomes wrong.

    Every creature in this world has a right to live. We didn’t make the world. We can’t remake it or resurrect it after we destroy it. We don’t have a moral right to kill everything so we can have thousands of times more than we need to live. We don’t have a moral right to cause the suffering we cause in our pursuit of wealth, not even to the animals.

    Morality and suffering are what is wrong with wealth. But no one can tell us that.

    Moronic? We won the planetary Darwin Award, and we are circling the extinction drain right now, in collapse on all fronts, politically, economically, socially, and most important of all – environmentally. Yet we still talk about the Holy Economy as the answer to our inability to stop burning down our own house.

    We’re insane.

      1. Thank you, SH. I appreciate you taking the time to read and comment.

  23. There were no debtors prisons in ancient Mesopotamia, the idea is silly. You think ancient people built & funded prisons to hold debtors? And the idea “serfs returned to their plots of land” is also foolish, serfs were bonded to the land permanently and would stay their no matter their debt level, because they were who produced the farmed goods from that land. These are small points but speak to the lack of academic credentials of the author.

  24. Ellen Brown’s message is, to paraphrase, for the lenders to take a 100% haircut. That’s not the solution I would advocate.

    a 10-year solution (or X years depending on the country) is to start to undo what got us here in the first place, not to wipe everything clean. So, 1. You move to full reserve banking, from where we are now 0% with minimal capital requirements to 100%. You give better interest to fixed-term depositors than on-demand depositors, which provides the loan capital. You also require the bank’s reserves to not be based on fiat currency, but on commodities like gold & silver.

    You also wind down the central bank, like the Bank of Canada, since the commercial banks will have their own reserves, and we already have the bodies like the OFSI to oversee compliance.

    The government has to start paying back their debt to Canadians gradually over 10 years and funding their liabilities (such as CPP, etc), which means many government ministries, agencies and departments, have to be reduced or eliminated, keep only those that we absolutely need (law & order).

    At the end, you replace taxation with govt bonds only. People will then provide the govt with funds voluntarily, and that will determine the size of govt people want.

    The only reset would be a return to sound money, sound banking, and sound-er govt (I don’t know if it can ever be sound).

  25. How about all this spiritually vacuous crap, we just eliminate money, debt, credit, and materialism?

  26. There was a famous traditional healer, a Yupik shaman, in my community, who died last year at age 84, or thereabouts. She was a member of the International Council of Thirteen Indigenous Grandmothers, and we were good friends for many years.

    Whenever she spoke within our own community, someone would always ask her, “How many freezers do you have now?”

    That was because people were always giving her food, food you wouldn’t believe, food we pay a lot of money for, like halibut, salmon, scallops, and crab. They had caught that fish, not bought it. She also received moose and wild blueberries. There were also furs and drums, and other practical gifts, and help everywhere; people lined up to help her, to respect her.

    That’s how indigenous people did “wealth” before we came along. It was all quite organic, and actual merit based. It was that way with their wise lawmakers, their orators, warriors, artists, and athletes.

    That authority, that power, prestige and attention that humans can hold in their communities, however large or small, is what we get from wealth and violence, instead of “merit” like they did. It’s why we want wealth. Violence is the easy way to get that.

    That enduring human social pattern that appreciates other humans is at the base of all the psychobabble about talent and being deserving and all the rest of our justifications for our destruction, but it’s sick and twisted in us. You can tell from the state of our world.

    Instead of organically, like humans did it for half a million years, ours is a situation where ruthless, violent rich men decide who has merit, who has talent, and who gets appreciated, starting with themselves.

  27. How about the rich pay their fair share as far back as the beginning of this country? Yeah, that’s never going to happen because the rich run this ridiculous country and we’re stupid enough to let them…

  28. What’s required is a genuine revolutionary government that will fundamentally and irreversibly re-shape the nation.

    “Taxing the rich”solves nothing, the problem is structural, not something that can be adjusted.
    This is why socialism needs to operate a one-party state, for multiple generations: we’re not trying to fix a train-wrecked system, but transition to a new one.

    Racism , for example, must be ended by force.

    Multi-racial society is not open to discussion, efforts to keep racist structures and ideas must be obliterated as thoroughly as capitalism destroyed the “right of kings.”

    An outline for the transition:

    Ban linking executive pay to stock performance. This produces a short-term business culture, and encourages leaders who get rich quickly and then award themselves golden parachutes after they fail.

    Ban stock buybacks. This is a smokescreen for failure. Doing the item above would remove the major motivator.

    Depose the oligarchy. Instantly reverse Citizens United. Ban ALL lobbying. Return to the original idea that citizens can petition the government as individuals or in small groups — not megabucks bribe machines. Essentially, strip corporations of all political influence.

    Uproot racism, nativism. This is a multi-generational project, but it should begin with something like the de-Nazification of Germany, except more effective. Suppress all racist groups and leaders, as forcefully as necessary. Totally re-work the way history is taught, adding the kind of information that’s in Howard Zinn’s People’s History of the United States. Alter immigration quotas and practices to more rapidly increase the non-white population: a “white” majority hampers our peoples’ understanding of the world and preserves outdated racial notions.

    Regulate the stock markets. Ban any operations that use money to simply make more money, without contributing anything to the country’s economic and social objectives. That implies a national set of plans, of course. Eliminate the radical highs and lows and create a reliable profit engine.Invest Soc Security in a mutual fund that runs on that.

    Mandate employee-management councils to create collaboration rather than rivalry of business against itself. Works well in Germany.

    Disassemble the gigantic, wasteful and unnecessary military/industrial boondoggle, after negotiating multipolar security arrangements with other major global powers.Use the liberated resources freed to rebuild the nation, provide free education and a national healthcare system.

    Federalize grades K-12. Everyone uses the same texts, gets adequate funding, no more separate realities. No more local school tax ( Anyone could be elected president on just that point 🙂

    Two anachronisms to be ended:

    Federalism:The separation of powers is a ClusterBLEEP – – The US government is hamstrung by legal and de facto power limitations that gunk everything up. Division of tasks makes sense, but setting up conflicting interests is dumb. Once you stop thinking of these things as sacred texts, their idiocy becomes clear.

    The states are also a damaging and incoherent anachronism. They bear little resemblance to the actual social and economic structure of the country, Duplication, waste, incoherence, places where backwardness can thrive.

    Just a quick summary.

  29. They don’t call them planning documents for nothing. As with blueprints of class war since WWII, like NSC-68 for the Cold War, the Powell Manifesto for neoliberal war, the PNAC (and Uncle Joe Biden’s prototype of the Patriot Act) for the War on/of Terror, the latest new world order in the current war of bioterror has been set forth in the WEF’s Great Reset. The GR and its 4th Industrial Revolution that’s peddled before the general public (hoi polloi, useless eaters, etc.) is the PR front behind which transnational class rulers of nations and their human resources may now conclude the class war once and for all with final solutions like biodigital slavery and depopulation.

    If it weren’t the WEF and its Great Reset, we’d simply have some other architects hired by the global crime syndicate of capitalism to lay out the designs for their perfect prison planet under different Orwellian euphemisms. From the Council on Foreign Relations to the Trilateral Commission, Bilderberg to Bohemian Grove, across think tanks of the philanthro-colonized NGO/nonprofit industrial complex and universities of the academic industrial complex routinely producing apologists like Yuval Harari…god knows there’s more than enough to choose from.

    And after all those pandemic preparedness exercises since the failed false flag of the anthrax attacks (traced back to Ft. Detrick, MD) following the 9/11 coup, every one attended by the regime-change specialists at the CIA, we’re now in a “live exercise” (as Mike Pompeo had to remind Trump of the covid coup) to radically reengineer all life on the planet so the “masters (monsters) of mankind” (Adam Smith) might fulfill their “vile maxim” of all for themselves and nothing for us (“you’ll own nothing and be happy” as Klaus and company instructs us proles).

    Too many remain in ignorance and denial of the present project. The reality remains hidden in plain sight, as with campaigns to further implement if not universalize central bank digital currencies (including on both sides of the new smoke-and-mirrors cold war) for algogarchic social credit systems, 5/6G wireless networks on the ground and in space and under water to convert the entire earth into the internet of things and bodies, climate change schemes like natural asset companies to own it all and carbon credit allowances to lock us down in austerity so they can enjoy it all (for however long we may still have from their poisoning of the planet under cover of ‘anthropogenic’ causes), and on and on. Whether sold to us as personal conveniences or the progress of humankind, it’s the same old alibis of tyrants in the name of people’s welfare, as Camus observed, by which we’re recruited to build our own prison.

    The Homeland’s new division of the Ministry of Truth, the Disinformation Advisory Board, is just one of the latest means of the surveillance-security state to properly program captive populations in the the mis-, dis-, mal-information wars they wage upon domestic extremists who don’t follow the science of compliance and the herds heading for the cliffs. We’re moved along by crisis du jour and the current thing from war in Ukraine to civil war over civil rights in Roe v. Wade so as to miss their interconnected links in a chain of events marching us toward a techno-totalitarian abyss in which human evolution ends and AI is birthed by the singularity. Perhaps virtual human-machine interfaces already established with the 3rd industrial revolution of the digital (c)age is why virtual cyborgs will buy the advertising for Neuralink as a health aid brought to us by the predators of the medical industrial complex.

    Thanks for this all too rare recognition on the ‘Left’ today, whatever might remain of class consciousness and attention to the technologies of Mammon and Mars by which ruling classes rule (including through all those currency resets mentioned above). As if all these weapons at their disposal are not used for waging (one-sided) class war to their gain. As if their very existence as elites and their bizzness as usual amounts to nothing but conspiracy theory, Great Reset smoothie style a la Naomi Klein.

    It’s all become shock-doctrine disaster capitalism for a system of rule that’s been imploding and on the verge of collapse for some time, and controlled demolition of the (re)productive resources of life is now the new abnormal by which our future will be determined. Resist or die.

      1. @Ellen Brown
        You are too kind. This seems more like crazy conspiracy talk than good comments

  30. If we are serious about Democracy and Free Markets:
    Implement HR2990,
    Immediately legally convert all Central banks into Public Banks.
    Get rid of the Federal Reserve.
    Integrate Bitcoin & Blockchain into the entire financial system.
    DeFi and DeCentralize all systems
    Reverse Citizens United and implement public campaign financing
    Outlaw ALEC & current obscene Lobbying.
    Stop Gerrymandering which lets politicians pick voters
    Get rid of Primaries to break up two party monopoly
    Implement Rank Voting.
    Reprioritize budget and spending.
    Bring back the 90% Tax on wealth.
    Reform & simplify our tax system to be based more on use of services
    Eliminate Social Security cap on funding
    Refund Social Security, Medicare, Medicaid
    Implement Medicare for all and all manners of healthcare
    Eliminate Nuclear Weapons and eventually our aging Nuclear plants
    Sanctions are war, stop all sanctions, stop the bullying and hypocrisy
    Cut back military and national security and their massively bloated budgets,
    Stop all wars, bring troops home, close bases
    Outlaw outsourcing war & mercenaries
    Stop the hegemony and empire wars to steal resources
    Let sovereign nations nationalize their resources if that’s what they want
    Eliminate all subsidies for polluters and criminals
    Outlaw all administration and protection agencies revolving door policies
    Expand the Supreme Court
    Instead of wasting time and money on ineffective toothless antitrust or levying fines
    Recharter monopolies and criminals into Employee Owned Cooperative Corporations
    Expand human rights & civil rights to include All Life and the Environment.
    We have a Cannabinoid Brain, legalize god given hemp and cannabis,
    Legalize drugs, pardon all non violent drug crimes and restore their rights
    Give up our ridiculous notion of exceptionalism, Model Excellence instead

    Let’s get to work, It’s not that complicated

    There’s Always an Alternative!

    1. some of that sounds like it could be good, to me.
      but what does it all share, what does it all require?
      participation of the voters. Interest, understanding, participation.
      we’re not going to get that are we?
      just had two years of covid madness to prove that.

  31. It seems that the keenest implementer of the WEF Great Reset agenda is the CCP and Chairman Xi ( who was the keynote speaker this year in Davos:
    – account with the central bank – on its way
    -mandatory ID – done
    – marginally adequate basic income – working on that
    – social credit score – done
    – lockdowns – more than anyplace else

    About the EAEU debt solution, well, the EAEU is Russia, Belarus, Armenia, Kyrgyzstan and Kazakhstan
    so the solution is practically a Russian apparatchik saying to Global South leaders “don’t pay your debts ( I don’t think the Chinese are going to like this- they are among the largest creditors) give our oligarchs control of your extractive wealth and they are going to take care of you – no more those troublesome requests for transparency, anti corruption, good governance! Just be like us!”

    And last, shouldn’t the jump in inflation from nearly 0% to 6-7% qualify as part of a reset (perhaps not the Great, but nevertheless a reset) as it is part of a possible solution to the debt issue??

  32. “They create the principal but not the interest, so more money must be repaid than was created in the original loan. Debt thus grows faster than the money supply …”

    It is true that debt often grows faster than the money supply and that is not good. It is NOT true that happens because there isn’t enough money to pay off the interest. Quite simply: If I loan you $20 & you then loan me $20, there’s $40 in debt out there but no money was created by those transactions (right?). Similarly, if I pay you back $20 & then you pay me back $20, no money was destroyed (right?). And (as Ellen must know very well) paying off interest (which is accounted for differently than paying off principle) does not permanently take any money out of circulation (unless the bank should decide to add it to their capital base, but even then it comes back in other ways).

    This naive argument, which Ellen regurgitates from many less reputable sources, damages her reputation in ways that do not further her many other highly desirable causes. I wish she would learn!

  33. As much as I appreciate Ellen’s views, I don’t understand the references to “lockdowns” in the U.S. What lockdowns? Except for maybe a few weeks, the vast majority of Americans have been able to do almost everything they did before. The smattering of school closures was needed to reduce spread since children are a major source of infection, despite the fact that they are rarely affected.

    1. why assume you need to ‘reduce spread’ ?
      and in the event it was/is shown nothing did ‘reduce spread’
      and I believe there’s no asymptomatic cross infection therefore children are not a ‘major source’
      there’s lots of facts out there thousands of informative links right there in for instance if you can’t find them anywhere else

  34. Why aren’t all of you looking at the immediate, empirical, mathematical effects of a 50% discount to consumers that is rebated back to the merchant granting that discount by the FED or some other monetary authority so that he/she can be made whole on their overheads and profit margins??? First effect: Inflation is forever vanquished because a 50% reduction in price at retail integrates beneficial price and asset DEFLATION into profit making economic systems. That is a paradigm change in a single policy!!! Second effect: Every worker’s purchasing power is immediately doubled! Third effect: The potential demand for every enterprise’s goods and services s also doubled! Hence the traditionally opposed self interests of businesses and the consumer is integrated. Fourth effect: With inflation vanquished the conservative/libertarian hiss and moan about government spending being inflationary (which itself is a false orthodoxy) is ended forever. That means we are then free to create the deficits to fund the mega projects necessary to confront and handle climate change. Fifth effect: With a $100k debt jubilee and the 25-50% debt jubilee policy at the point of loan signing debt jubilee is integrated directly and continuously into the economic process. That solves the human civilization long problem of empires having to invade and grab their neighbors assets in the vain attempt to stabilize their domestic economies because private debts ALWAYS build up with the current paradigm of Debt Only. That’s better than trying (futilely) to convince finance that writing down a sizable amount of debt and institutionalizing debt jubilee WITHOUT SUCH POLICIES is the system saving and ethical thing to do. IT’S TOTALLY STUPID TO GRANT PRIVATE FINANCE A MONOPOLY TO CREATE THE LIFE’S BLOOD OF EVERY ENTERPRISE (MONEY) AND IT’S EVEN MORE STUPID TO ALLOW THEM TO WEILD A PARADIGMATIC MONOPOLY TO CREATE IT ONLY IN THE FORM OF DEBT. These policies and the other regulations for implementing the new monetary paradigm are in my book.

    Come on! Look at these policies and their immediate effects. DO THE MATH!

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