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Posts from Derek Potter, Cardiff

Derek Potter, CardiffDerek Potter, Cardiff
Derek Potter, Cardiff

Whoa, folks. The bank system where "money is debt" is the problem, not corruption within it nor even feckless lending. A gold standard won't help if banks can still lend more than they have -and that's only possible because such loan-money counts as legal tender equivalent to gold. If I get paid $5000, $45,000 of that is people's mortgages and so on (no use to me), a few $k is various liquid assets (still no use to me) and a couple of $k might be redeemable against gold, silver or other goods if I shout loud enough. It's a good job not many people realize it at any one time or there'd be a run on the banks and a crash ten times worse than the last two years. Crooked and greedy people don't help things, but the system itself has grown up all wrong and needs to be reformed.

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