Great discussion with Richard Werner and Luke Gromen on PBD podcast.
Richard has a really incredible grasp on history and economics. He presents a compelling case about the need for MORE small banks ...
Sure, there are quite a few things to agree with Prof. Werner.
My main difference with him is not in banking, the need to limit bank loans to production not speculation, or in decentralisation of banking. In this, we roughly agree.
The contention is in the production of the money to be used in banking.
Prof. Werner wants better rules for central banking.
I want central banking abolished.
In my framework, issue "banking" is no banking matter, the types of banking must be legally separated:
1. Credit minting (~issue banking) > Commercial banking > Investment banking.
2. Credit for production must be decentralised, peer-to-peer, and subsequent credit money production (minting) must be private, denationalised.
3. Credit money must be redeemable in a self-sovereign digital commodity, the best candidate being #Bitcoin.
4. Finally, we must build an unsurmountable firewall against any nation state interference in base money and credit money production.
My main difference with him is not in banking, the need to limit bank loans to production not speculation, or in decentralisation of banking. In this, we roughly agree.
The contention is in the production of the money to be used in banking.
Prof. Werner wants better rules for central banking.
I want central banking abolished.
In my framework, issue "banking" is no banking matter, the types of banking must be legally separated:
1. Credit minting (~issue banking) > Commercial banking > Investment banking.
2. Credit for production must be decentralised, peer-to-peer, and subsequent credit money production (minting) must be private, denationalised.
3. Credit money must be redeemable in a self-sovereign digital commodity, the best candidate being #Bitcoin.
4. Finally, we must build an unsurmountable firewall against any nation state interference in base money and credit money production.
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