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...on European Tribune: Merkel at Bretton Woods.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Fri Dec 9th, 2011 at 07:30:19 AM EST
[ Parent ]
I think you could probably find a dozen references from me in ET during the past five years to Keynes' Gesellian approach.

It must be implemented bottom up as well as top down though. In a networked economy there is no need for a central issuer:what we will see is a network of local issuers with a common value standard/unit of account, operating within a framework of trust.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Dec 9th, 2011 at 09:34:03 AM EST
[ Parent ]
operating within a framework of trust

The problem.

Trust cannot be granted, trust has to be earned.  Especially in this climate where some parties to a transaction .... cough Deutsche Bank cough .... are privileged, creating an asymmetrical power relationship.

Evidence accumulated over the past 3 years shows the Major Banks and Financial Institutions will be supported by governments even if their actions have immoral and/or illegal.  Further, government's willingness to Privatize gains and Socialize losses places the onus on the weaker party, or parties, to the transactions irregardless of the facts of the matter.

This business climate, environment, or - technically - Fitness Landscape is not conducive to creating an atmosphere of Trust.  

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Fri Dec 9th, 2011 at 01:30:14 PM EST
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