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Published on Sep 30, 2012
In this video (under 13 minutes) I propose a way of allowing Eurozone governments to introduce a nationally based, debt-free parallel currency that could be called the N-Euro (for "National-Euro" or "New-Euro"). Each country would set up a national citizens bank with accounts for all citizens. Citizens receiving payments from the government (such as salaries, pensions and benefits) could choose to have a proportion of the payment made in N-Euros. It would be completely voluntary, with the percentage varying from 0% to 100%. The government would ensure that the N-Euros had value because they would be accepted for payment of taxes. Businesses could also have N-Euro accounts, and would be able to accept payments from customers using an N-Euro payment card. The government would be able to run the payment system free of charge, meaning that merchants could avoid the fees normally charged by credit card companies.
Such a system would have the enormous advantage that the governments could create N-Euros without having to borrow from the commercial banking system, which currently has a virtual monopoly on creating the Euro money supply. This would save hundreds of billions a year in totally unnecessary interest payments.