From time to time the leading salaried economists of the debt-money system go a long way in exposing the dysfunction of conventional financing for us, but it is probably the expectation that few who are not completely indoctrinated by the orthodox view will analyse what is being said in a critical light. Some interesting discussion was had at the 2015 Standing Committee on Economics in Hurstville with the purpose of inquiring into the Reserve Bank’s Annual Report of 2014.
Imagine this situation. Your neighbour’s dog keeps you awake at night with its relentless barking. You go to your neighbour, tell him the problem and ask him what he is going to do about it. His response it to tell you there is no dog and hence no problem, have a nice day.
The first objection that must be expected when proposing any new issue of credit is that rampant inflation is likely to be the result. This knee-jerk reaction is evidence of the banking industry’s success in a perpetual effort to mislead the public about financial matters.