Some great suggestions from Ellen Brown on how CBs can offer banking services directly using block chain technologies.
Several central banks, including the Bank of England, the People’s Bank of China, the Bank of Canada and the Federal Reserve, are exploring the concept of issuing their own digital currencies, using the blockchain technology developed for Bitcoin. Skeptical commentators suspect that their primary goal is to eliminate cash, setting us up for negative interest rates (we pay the bank to hold our deposits rather than the reverse).
But Ben Broadbent, Deputy Governor of the Bank of England, puts a more positive spin on it. He says Central Bank Digital Currencies could supplant the money now created by private banks through “fractional reserve” lending – and that means 97% of the circulating money supply. Rather than outlawing bank-created money, as money reformers have long urged, fractional reserve banking could be made obsolete simply by attrition, preempted by a better mousetrap. The need for negative interest rates could also be eliminated…
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Great article on Trumpism.
Manifesto of new Democracy Europe movement.
Few days, indeed hours, before DiEM’s 9th February Berlin launch, diem25.org is slowly getting off the ground. For the time being, it offers readers the opportunity to join the movement and to read the Manifesto in English – and soon in many more languages. (For convenience, and for now, click here for the English version and here for the Greek.)
Also, readers can have a sneak preview of the themes and participants of the debates that will precede the evening launch by clicking here
If Greece were to issue a digital currency to replace the Euro; a temporary measure with many precedents – including Roosevelt in 1933.
Banks create money when they make loans. Greece could restore the liquidity desperately needed by its banks and its economy by nationalizing the banks and issuing digital loans backed by government guarantees to its ailing businesses. Greece could provide an inspiring model of sustainable prosperity for the world. But it is being strangled by a hegemonic power in a financial war that is being waged against us all.
On July 4, 2015, one day before the national vote on the austerity demands of Greece’s creditors, it was rumored in the Financial Times that Greek banks were preparing to “bail in” (or confiscate) depositor funds to replace the liquidity choked off by the European Central Bank.
The response of the Syriza government, to its credit, was “no way.” As reported in Zerohedge, the government was prepared to pursue three “nuclear options” to protect the deposits of the Greek people:
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More from Richard Gendal Brown on replicated shared ledgers.
Don’t Say The “B Word”!
I’ve come to the conclusion that saying “blockchain” has become unhelpful. It just confuses people. It means too many different things to different people and so it’s almost impossible to have a conversation in this space without talking past each other. So, as I argued in this piece on permissionless ledgers and this piece on permissioned ledgers, it can be useful to talk in terms of replicated shared ledgers – since I think this gets to the heart of what unifies – and separates – these two worlds.
- Shared: because multiple actors can read or write to different parts of the ledger
- Replicated: because everybody who needs a copy can have a copy, rather than relying on a powerful central entity
In this piece, I try to bring it all together – to explain why we should be thinking about permissionless ledgers as a…
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