”Banks should manage money, not play with it”

Does Switzerland need sovereign money? What does the current popular initiative mean for our economic and monetary system? World-class financial experts discussed this issue at a GDI conference. You can now listen to two of them in our podcast.
22 February, 2018 by
«Banken sollen Geld vermitteln, nicht damit spielen»
GDI Gottlieb Duttweiler Institute
 

We need financial reform. That’s the opinion of Joseph Huber, professor emeritus of the chair of economic sociology at Martin Luther University of Halle-Wittenberg. He believes our current financial system is to blame for bubbles, crises and the unequal distribution of income.

Huber, a researcher and policy consultant, spoke at the ‘Our Money, Our Banks, Our Country’ conference on 5 February 2018. This conference took place in anticipation of the federal vote on the “Sovereign Money Initiative”. Huber was firmly in favour of the introduction of sovereign money, as his interview makes clear:

Insights with Joseph Huber, Chair of Economic and Environmental Sociology, Martin Luther University, Germany, on why he is in favour of the "Vollgeld" (sovereign money) Initiative. : Why it is important to "regain control over money" and talks us through what in his opinion are the flaws in the current fractional-reserve banking model (the over-shooting of money creation which leads to financial bubbles, other and recurring financial crises; unequal distribution of income).

Larry Kotlikoff also endorsed the initiative as a step in the right direction at the conference. The Boston University Professor of Economics and former US presidential advisor is also of the opinion that sovereign money could have prevented the 2007 financial crisis:

Insights with Larry Kotlikoff "Keeping the Financial System Safe: Sovereign Money, Limited-Purpose Banking" Laurence (Larry) Kotlikoff, Professor of Economics, Boston University, former Senior Economist, President's Council of Economic Advisers., USA, shares his insights on: : Why he is in favour of the "Vollgeld" (sovereign money) Initiative.

 

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