If our monetary and capital systems can mobilise the human resources necessary for total war, then how come they are unable to handle the absence of it? "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
While their analysis of the problems arising from deficit-based money is accurate up to a point, their solution - which is essentially along the lines of CH Douglas's "Social Credit" - doesn't stack up.
IMHO you can't solve the deficit-based money problem without also addressing the issue of Productive Capital, and particularly of Property rights in "Commons" such as Land and Knowledge. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
But war has always been expensive, and often paid for with borrowed money. Monarchs have regularly been all-but bankrupted by war, and wars have often ended when one or both sides ran out of cash and promises.
Modern banking was more or less invented to help finance military campaigns.
What we have today doesn't require war, although it does seem oddly fond of it. And business often seems to be a sublimation of war, right down to the use of military metaphors, and of war texts as management guides.
(Bribing was much, much cheaper than war.) The Fates are kind.
