[P2P-F] Fw: Can "Printing" Money Save Economies? The Answer, Yes, and No....

[ideasinc at ee.net]

Please, excuse, and some of the text is partial and misleading. This  
objection should not be taken in an ad hominen intent. The British had at  
least one printing press operating on a ship in the New York harbor busily  
counterfeiting the Continentals and then putting them into circulation. So  
no, the Continental Congress's use of the Continentals did not produce  
inflation, but the British counterfeiting operation did. Dys-information  
regarding monetary practices and history is a well established tactic and  
it usually arrives in the form of Pop-economics funded by the banking  
cartel to preserve their monopolistic franchise. Brown is a popular and  
clear example of this process. The differences between the monetary  
policies of the US Union as compared to the monetary policies of the  
Southern Confederacy is a much better example. Generally Zarlenga's book  
can serve as an antidote. I believe that Abba Lerner did extensive  
research into the details of the economics of the US Confederacy which as  
a confederacy was not even a sovereignty based process, and actually close  
to the present EMU process. So much for looking into history to find more  
than a simple reflection of present presumptions.

Regarding the "legality" of sovereign governments printing their own  
currency it is actually the standard, except that we have been led to  
believe that it is the franchise of privately owned banking cartel is the  
only "real" and accepted process, which is straight away false. No, it is  
not a legitimate subject of research, unless the details of MMT are  
declared by conflation and misrepresentation to be falsified, or if the  
intent is to sustain the privatized franchise or to re-invent MMT under a  
different branding. Zimbabwe is frequently pulled out as a bad example of  
the use of the sovereign use of currency, while simultaneously ignoring  
the massive incompetence and self dealing of that government. If there is  
an interest in a different slant on the hyper-inflation hyper-ventilation  
try this article.

http://www.economics.arawakcity.org/node/233

While I appreciate in principle the P2P model deeply, it has to involve  
some level of rigorous discourse and examination. Despite the popularity  
of Ellen Brown, her material continues to play to a strategy of persuasion  
rather than analysis based upon informing facts, practices, and history. I  
did a close review of her "Money As Debt" for the AMI at one point and it  
is primarily a product of persuasion, not scientific in any serious sense.  
Her personal history was that previously she, as an attorney, specialized  
in writing briefs. That process boils down to picking a conclusion and a  
few key premises and then finding precedents which appear to validate the  
targeted conclusions. It is a rhetorical process to win an argument, and  
has little to do with on the ground history of facts. At one point Randall  
Wray offered to tutor Brown when she passed through Kansas City. Mo.  
promoting her book and self. She declined by not responding at all. This  
is how default paradigms get reproduced in an seemingly endless process.

Tadit



On Mon, 26 Sep 2011 08:07:04 -0400, robert searle <dharao4 at yahoo.co.uk>  
wrote:

>
>
>
> ----- Forwarded Message -----
> From: robert searle <dharao4 at yahoo.co.uk>
> To: "dharao4 at yahoo.co.uk" <dharao4 at yahoo.co.uk>
> Sent: Monday, 26 September 2011, 12:54
> Subject: Can "Printing" Monye Save Economies?
>
>
>
>
> If for whatever reasons governments cannot pay off their debts one way  
> of achieving economic stability is to "print" it en masse!! This is not  
> ofcourse a good debt concellation/reduction plan (!) as it could lead to  
> serious inflation, or even hyperinflation.....but it can work..if not   
> too much money is created by governments. Something like this could  
> ultimately save the Euro if it occurs on a large enough scale.
>
> In pre-revolutionary America colonists found it very difficult to raise  
> funds in the various States they created. So, they resorted to the  
> printing press. Quite often this worked but not always (ref. Ellen  
> Brown/Web of Debt). Infact, the American War of Independence was funded  
> by printing money. This money was known as the Continentals but it  
> ultimately lead to serious inflation. However, it is claimed that the  
> Brits had been "flooding" the money supply with fake copies. The same  
> claim was also made about the Assignats created during the French  
> Revolution (ref. Zarlenga, and his key book on money). The American  
> Civil War was funded by Lincoln with his Greenbacks notes created by the  
> then existing government. This did not lead serious inflation as far as  
> we know...The Russian Revolution was largely funded in a like manner  
> though there is some talk about some capital being borrowed by private  
> foreign commercial banks.
>
> It appears too that Hitlers miracle economic "revolution" leading to WII  
> was due to simply printing money but with strong price controls in place  
> on many products. Apparently, the same goes for the funding of the  
> Vietnam War when President Johnson admitted that it could not be  
> financed by taxation because the war was  so unpopular .......This is a  
> big subject, and no doubt other examples have not been included here  
> (notably Zimbabwe!!).
>
>
> There are a number of articles about Hitler "printing" money on the  
> internet along with the Vietnam War (plus the  Assignats, Greenbacks, et  
> cetera, et cetera).  As far as I understand it governments cannot  
> legally create money electronically en direct into  the economy.  
> However, it is not fully  clear whether they can still print it  
> "legally". To very limitedextent this occurs but if huge amounts were  
> to  be involved this might require somekind of legal arrangement. This  
> is still subject to research.
>
> http://www.google.co.uk/#pq=hitler+and+monetary+reform&hl=en&sugexp=tsh&cp=19&gs_id=20&xhr=t&q=hitler+prints+money&pf=p&sclient=psy-ab&source=hp&pbx=1&oq=hitler+prints+money&aq=f&aqi=&aql=&gs_sm=&gs_upl=&bav=on.2,or.r_gc.r_pw.&fp=92910b6b81417d8f&biw=1024&bih=585
>
>
> http://www.google.co.uk/#pq=hitler+prints+money&hl=en&sugexp=tsh&cp=40&gs_id=3f&xhr=t&q=vietnam+president+johnson+printing+print+money&pf=p&sclient=psy-ab&source=hp&pbx=1&oq=vietnam+president+johnson+printing+print+money&aq=f&aqi=&aql=&gs_sm=&gs_upl=&bav=on.2,or.r_gc.r_pw.&fp=92910b6b81417d8f&biw=1024&bih=585