"It is not clear how much seigniorage commercial banks appropriate."
- Martin Wolf, Chief Economics Commentator, Financial Times
The current narrative completely omits the problem of clandestine seigniorage which is appropriated by both central banks and commercial banks. Once the critical mass of the public realizes it, it will no longer have any confidence in a system that has deceived it for centuries. A future currency will base its value on the trust that the public will grant it for the honest management of seigniorage. Nobody talks about it. It's too sad for them. See: Accounting Meets Economics: Towards an 'Accounting View' of Money https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3270860 A pilot program in seigniorage redistribution is carried on by the Universal Blockchain Income Project, here: https://universalincome.cash
- Martin Wolf, Chief Economics Commentator, Financial Times
The current narrative completely omits the problem of clandestine seigniorage which is appropriated by both central banks and commercial banks. Once the critical mass of the public realizes it, it will no longer have any confidence in a system that has deceived it for centuries. A future currency will base its value on the trust that the public will grant it for the honest management of seigniorage. Nobody talks about it. It's too sad for them. See: Accounting Meets Economics: Towards an 'Accounting View' of Money https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3270860 A pilot program in seigniorage redistribution is carried on by the Universal Blockchain Income Project, here: https://universalincome.cash
More on the subject:
COMMERCIAL BANK MONEY, SEIGNIORAGE, AND THE MACROECONOMY
The “accounting view” of money: money as equity (Part I)
http://blogs.worldbank.org/allaboutfinance/accounting-view-money-money-equity-part-i
The “accounting view” of money: money as equity (Part II)
http://blogs.worldbank.org/allaboutfinance/accounting-view-money-money-equity-part-ii
The “accounting view” of money: money as equity (Part III)
http://blogs.worldbank.org/allaboutfinance/accounting-view-money-money-equity-part-iii
http://blogs.worldbank.org/allaboutfinance/accounting-view-money-money-equity-part-i
The “accounting view” of money: money as equity (Part II)
http://blogs.worldbank.org/allaboutfinance/accounting-view-money-money-equity-part-ii
The “accounting view” of money: money as equity (Part III)
http://blogs.worldbank.org/allaboutfinance/accounting-view-money-money-equity-part-iii
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