|About the Book|
If the national debts of the countries are an indicator for the soundness of their currencies, as is the custom (see table Total Money Created in the Jurisdiction, less Central Government Debt on page 14), but which they are not, then this bookletMoreIf the national debts of the countries are an indicator for the soundness of their currencies, as is the custom (see table Total Money Created in the Jurisdiction, less Central Government Debt on page 14), but which they are not, then this booklet proves that the Euro is still the strongest major currency around, and that possible defaults by the national government of Greece and such other nations will not diminish the Euros value because Greece did not, does not, and will not create the Euro which is perfectly intact except in the pockets of other recipients, no longer in the government of Greeces that merely borrowed the Euros and spent them like any other entity. How can the bankruptcy of General Motors affect the US Dollar? It doesnt. Sovereign nations have the money power, but this power was unwittingly ceded to the private commercial banks, and the sovereigns borrow their money which it is not (see Michael Schemmann. 2012. Accounting Perversion in Bank Financial Statements - Root Cause of the Ongoing Global Financial Crisis. IICPA.com Publications). The ill-conceived process is reversible in a way that is inflation-sterile. Under the plan that I have proposed for many years (since 1991 in my booklet Money in Crisis - 2nd ed. 2009) a central bank, here the European Central Bank, can take over Greeces debt from the private commercial banks, as a switch in asset holders that does not create additional inflationary money supply, while Germany opposes such a move, but only for the wrong reasons, namely the false fear of increasing the money supply causing price inflation. As demonstrated in this booklet (A Plan for Eurozone National Debt Redemption) they should think again. The privately held national debts (not held by commercial banks) must follow a different procedure that keeps the national debt redemption certificates out of the money supply.