Latest Youtube Presentation : How the Eurozone Countries could fix the Global Economic Crisis

I have just uploaded a new 14 minute Youtube presentation entitled "How the Eurozone Countries could fix the Global Economic Crisis". I hope you like it. As always, please feel free to leave comments. I will try to answer them all.

The presentation takes up the themes that have been foremost in my mind in recent weeks. Specifically, I argue that the Eurozone countries could act together to provide a solution to the global economic crisis. The basic cause of much of the current mess is the money creation mechanism . Commercial banks currently have a virtual monopoly on money creation and, in recent years, they have been creating trillions of euros in debt by creating money out of thin air, lending that "money" to governments, businesses and individuals, and then charging interest on those loans. Governments are currently paying hundreds of billions a year in interest charges - thus crippling the economy.

I present some of my recent simple numerical demonstrations to show that such a system simply can never be made to work in the interests of the general population - economic power will inevitably end up with those who control the creation of the money supply - i.e. private bankers in the current system.

I argue that, if the 17 eurozone governments acted together, then could ban money creation by private banks, and require all new money to be created debt-free via the ECB. I propose that the money created this way could be distributed between the 17 countries pro-rata as a function of the size of each countries population.

A key advantage would be that the Eurozone economy would no longer have the inbuilt inflation required in currency areas where the creation of the money supply requires interest to be paid. This would make Euros very attractive relative to other currencies which are forced to continuously devalue. As a result, the ECB could create large quantities of Euros without risking inflation - thus providing a massive boost to the Eurozone economies.

I suggest that once a major currency block like the Eurozone has switched to debt-free money creation, it is highly probable that other currencies zones would be compelled to follow - thus ridding the world of the millstone of debt-based money creation.

You can find the video on my Youtube Video Site, or by clicking directly on the player below.