In response to:

Can We Fix What's Wrong With Banking?

TJS Wrote: Mar 17, 2013 2:25 PM
Mike you do everything but recognise the problem is... that the entire money supply is debt based. M3, which used to be kept, was indicating exponential growth which is clearly unsustainable. So the fix...they stopped keeping M3 and now use M2, so the underlying problem is not so obvious. From what I understand, M3, if still kept however, would make a historic change. M3 would have dropped at $1T/year since 2008. That's $13,000 for every man woman and child that is no longer circulating in the economy, chasing goods and services. I'll put forth Mike, that deception is occuring in the use of M2, since it does not show the monetary debt growth and now contraction. I support a second and legally equal currency...a US Treasury Dollar

was asked a few days ago by Zócalo Public Square, a not-for-profit daily Ideas Exchange, to contribute a brief comment to coincide with their upcoming event "Can We Fix What's Wrong With Banking?"

I was specifically asked to address the question "should we have bailed out the banks?" Here is my response:

No, we should not have bailed them out. That’s the easy question.

Now that we have bailed them out, however, here’s the important question: "Will we fix what’s wrong with banking before there is a global currency...