Posted: Nov 30, 2014 5:47 pm
Thanks mini. On one hand I'm glad this is slowly getting more attention, and doubly glad that that attention includes the UK, and the House of Commons no less.
On the other I'm already starting to worry that the proposed solution will be a botched one. Getting it wrong could potentially be worse than leaving things as they are. I'm not sure PM's proposal is that bad but its whole 'Investment Account' system is flawed in my opinion. Investment accounts will constitute 'near-monies' which are the source of the instability in the current system - a number people treat as money which can disappear in an instant.
The best news, which I read from a PM commenter, is that Michael Kumhof (who resurrected the 'Chicago Plan' solution) has been appointed as an adviser to the BoE. Now that guy gets it, perhaps better than anyone.
On the other I'm already starting to worry that the proposed solution will be a botched one. Getting it wrong could potentially be worse than leaving things as they are. I'm not sure PM's proposal is that bad but its whole 'Investment Account' system is flawed in my opinion. Investment accounts will constitute 'near-monies' which are the source of the instability in the current system - a number people treat as money which can disappear in an instant.
The best news, which I read from a PM commenter, is that Michael Kumhof (who resurrected the 'Chicago Plan' solution) has been appointed as an adviser to the BoE. Now that guy gets it, perhaps better than anyone.