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It's an idea whose time has come. Wherever they exist, prosperity follows. Privatized money power is trouble. It creates zombie economies, banana republics, and poverty.
When federal, state or local governments lend their own money, prosperity, not profit's the issue. Everyone benefits, including households, small businesses, farmers, and municipalities. Replacing a predatory, rapacious system with one proved workable and equitable is vital to assure societies grow, prosper and help everyone in them.
Expecting bankers to act responsibly is like believing political Washington can reform. Both are irreparably corrupted, dysfunctional, and destructive. In their hands, societies and people in them are wrecked. Entirely new political, economic, and financial systems are needed.
Shiller's book excluded them. Instead he defended the indefensible and lost credibility in the process. He'll be hard-pressed regaining it.
Sustainable, prosperous societies aren't possible without freeing them from rapacious bankers and similar FIRE sector players ripping them off for profit.
It never worked before and won't now. Claiming otherwise doesn't wash.
Stephen Lendman lives in Chicago and can be reached at Email address removed .
Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
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