MoneyLab: Coining Alternatives
Session 2: Dismantling Global Finance
Brian Holmes (US): Money Unlimited: The Consequences of Quantitative Easing
Conference Day 1 (21 March 2014)
Austerity is usually presented as the implacable discipline that must follow easy credit in order to clip the wings of profligate speculators. Yet it has only affected those without major resources, who formerly depended on the job market, public institutions, and state redistribution. Meanwhile the US, Japan, the UK and a number of other countries have re-inflated their stock markets and property values by emitting new currency on a hitherto unseen scale. This creation of value ex nihilo could potentially have been used to meet urgent human and ecological needs, launching a twenty-first century socialism. Let’s look instead at the real consequences of a world built on fictitious capital.