Power, Wealth and the Monetary System

“Power, Wealth, and the Monetary System.” presented by John  Howell of the American Monetary Institute

Wealth and power are reciprocally linked. Wealth leads to the acquisition of power and power leads to the concentration of wealth in a self-reinforcing cycle. The concentration of wealth and power is the central challenge to democracy. As Supreme Court Justice Brandeis pointed out, you can’t have concentration of wealth and power in a few hands and still have democracy. Many features of our legal, political, and economic systems promote and sustain the concentration of wealth and power. The design of our monetary system is a principal promoter. The authority to create money has been outsourced by government to private banks – beyond the reach of elected representatives. Many things belong in the private sector. Is the control of our money supply one of them? Without monetary reform it is difficult to see how the wealth-power cycle can be impacted. Monetary reform is one of several reforms needed for our social and economic systems to be sustainable.

 

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