Article: A Dialogue Between Monetary Reformers
MMJ
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Of Verbiage On Money Creation in the Reserve Bank of India Website - A Dialogue Between Monetary Reformers
To Sumal Raj of Money Reforms India.
Very good Sumal. They make everything formal as if its an unchangeable law no country can change. They do not discuss and hides under further verbiage the elephants in the room.
1. Why allow banks total freedom to allocate loans as they wish when money creation is surely a crucial national right?! In the world today (sourced from early Positive Money website plus proven ratios in many countries) they give only 7% loans/credits to SME sector that creates 70% of jobs in nations. This creates youth and graduates unemployment and delivers an employers' market and stunted wages and salaries everywhere.
2. 70%-80% of total loans/credit goes to personal loans, credit cards and generally the personal sector leading to unending general inflation and bubble inflation for housing.
3. And by default of the lending system the rich gets richer and the poor gets poorer.
4. Why aren't there articles on these in Central Bank websites in the world?
5. And do you hear a squeak on these issues from the Jurassic Economists?! Still teaching their students banks lend from deposits and are neutral movers of funds from surplus units to deficit units!
6. The verbiage in official lingo be they in Central Bank websites, never discuss and hides these perversions to the economy!
7. Monetary Reformers must rise to the occasion and force these economic perversions to be discussed in the mainstream.
8. Do not be overawed by Economics as a subject and fall into their trap of rationalising their mistakes. I am an Economist by qualification and I have deliberately unlearned much nonsense they have taught me!
From : Zahid Aziz. MMJ Malaysia
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Dikemaskini [Updated]: Sam Ahmad 20241223