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Public control of money creation
Public control of money creation
.The power to create new money is something that the government could feasibly control and administer itself, for the benefit of all. But governments have surrendered their power of seignorage to the private banking system and its investors.
This has far-reaching, negative impact because, as Mellor explains, “It is the private, bank-issued money system that leaves us with a pernicious cycle of debt and growth. Money could encourage socially and ecologically sustainable production and consumption, but only if it ceases to be a creature of the market and is reclaimed as a social and public representation of value.”