In reply to John’s post about the age of Central Banking being over:

John and Ellen,

That is precisely correct as Steve Keen has correctly re-discovered that the money system and the creation of money is endogenous, that is PRIVATE Banks create our money first…and then look to find/borrow reserves on the repo markets…or when that system broke down during the crisis in 2008 PRIVATE finance looked to the central bank and its lackey the US government to create/supply the necessary reserves. There is no better case for the justification of Public Banking as a structurally balancing force to the disequilibrating monopoly of PRIVATE Banking/Finance.

And there is of course the deeper questions to be resolved and answered, that is: Why, most deeply, did the crisis occur at all, and what must be done to correct and prevent it from occurring again?

And the answer to that is: On an ongoing basis more costs and hence prices are created by the system than individual incomes actually available to liquidate those costs/prices. And the only valid economic solution to that problem is the distribution of a free and costless gift of money/individual income. That idea, reality and concept is the new paradigm Steve Keen himself is calling for,…..and PUBLIC CENTRAL Banking guided by and mandated to calculate and distribute the new paradigm of monetary grace the free gift to individuals (and businesses via the rebate of their discounts)…is precisely the entity NECESSARY to make and keep the system in balance, equilibrium and flow.

Public Banking and Social Credit are actually a reflective monetary Duality because Banking creates our money costlessly and Social Credit is the new paradigm of monetary grace the free and costless gift that is necessary to balance the disequilibrium created by excess costs and also the ongoing destruction/cancellation of money. Integrated, the truths and necessary applications of both will result in the correct and classical policy goals of economic and monetary theory, namely Balance, Equilibrium and Flow

[ (Public Banking X Social Credit) = Balance, Equilibrium and Flow ]

An integrated Duality Within a Trinity-Unity…The Wisdom/Grace/Trinity/Consciousness….AND monetary and economic theory and policy Formula