Web of Debt

The article posted elsewhere on this site, at the following URL, is essential reading -- and I had never read it before:
http://www.webofdebt.com/articles/basel.php

The new regulations on fractional reserve banking, that the Obama team must consider and espouse (when they get around to it,) need not kill money aimed at profit in favor of money solely aimed at full employment.

Obama may easily allow both moneys to coexist, as Morrison suggests in "Keynes Without Debt".

Meanwhile, our problem remains: If we are trying to round up voters, we have to keep it simple BUT HONEST.

If we are trying to round up politicians, pundits, and the super rich (Buffet, Gates, and other billionaires,) who have the money to pay for lawyers, accountants and economists to explain to them how to protect the planet's future from global warming and political demagogues, then we have to keep it LEARNED but honest.

To keep it learned will not be easy. But if we want to do that let us say so now.

We may be able to turn to the Bible, Ben Franklin, Continentals, Greenbacks, and the Morgenthau-Eccles idea in WW II, but we will also have to find the expertise to prevent the Obama team from being tricked like Woodrow Wilson was, to some extent, in 1913.

Ellen's research is certainly better than mine. But her conclusions will need to be vetted by people as clever as Obama and as well placed as Sunstein and Sperling.

These two liberal experts, who support human rights and effective money, respectively, are possible allies -- (they are seen on CSPAN and seem to want full employment of capital and labor to protect the environment and honest business practice.)

They seem to me to be more rational and practical than Ron Paul and Dennis K. (However, it may be possible to recruit a wide assortment of reformers who, like me, will be learning as we go.

After all, I am no more than a lawyer and an accountant. When the literature of academic economists is thrown at you, MIT furnished equations and the rest, you may be reduced to tears.

Galbraith left us his two sons to carry on a tradition of common sense insightful thought. Let us hope they, too, can come to our aid.