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Published on Feb 28, 2015
This is a seminar that I gave at the Toulouse School of Economics on Tuesday the 24th of February 2015. In it, I explain why I think that the current system is unworkable. Global debt levels are now 2.5 larger that the total money supply of the planet. It is therefore impossible to get out of of the current mess if we stick with the current system in which 97% of the money in circulation is created by commercial banks as interest bearing debt. The good news is that there are several ways that we could get out of the mess. They include (1) Public Banking, (2) Debt Annihilation, (3) Money creation by Central Banks in the form of payments to governments or via direct payments to citizens, (4) the creation of a parallel N-Euro system of debt-free money (a sort of official bitcoin), and (5) the introduction of an IOU based system for Credit Creation for Citizens. All of these measures could be introduced today. The major problem is that there is virtually no public debate of the issues.