The last two paragraphs, also ;
As much interesting for what it doesn’t say !
In fact he says “private money fails” - but when it is investigated - ALL MONEY IS “Private Money” - since the “Central Banks” are privately owned !
I presume he is thinking of the likes particularly of “John LAw” when he refers to “Private money ?”
And he doesn’t mention the old goldsmiths who acted as the first bankers, issuing frauduent promisory notes as loans against the gold they held on behalf of savers and charging interest on them.
Nor that the banks were required to have Gold to back the first paper money (Gold reserves) - which was abolished and allowed banks (As a whole) to simply have “on deposit” from savers a fraction of the “Paper money” they lent out.
We used to be taught that Governments controlled the “money supply” by a amending this “Fractional reserve” by adjusting the “Reserve ratio”.
Now even that has been abolished and so “banks” can lend what they like and don’t even have to go to the inconvenience of printing banknotes ! They simply type money onto a spreadsheet.
There has been some efforts made to control the excesses of the banks AFTER the 2008 Debacle, and we shall see whether that works ! At the moment it is borrowers who pay huge “Interest rates” fro "spreadsheet money - whilst Savers receive derisory amounts !
It really is quite discouraging how it works in truth ;
The subtitle is most telling ;
Very difficult to “pick holes” in his argument !