I think we will use money. I think money is sort of like the wheel or fire; it's just a fundamental invention without which modern society would have a hard time functioning. But, like with the wheel and fire, people get hurt by money. Well, it is grown the monetary sector, the financial sector of the economy has grown so much faster than the real goods and services production sector, that it's almost like a pyramid sitting on its point. And I think that the most important reform we could make would be to bring money back to a more local level, first to a national level, and not have so much in the way of international flows of money, and also get away from this fractional reserve banking system, which most countries have, which allows the private banking sector to create money out of nothing and lend it at interest. Now, I think we need 100% reserve requirements would bring money much more under the control of society and the community and I think we should move back in that direction. That used to be a hot topic among economists but it dropped out of consideration and everyone just treats the fractional reserve banking now as if it were part of the way the world must always be.
08.05.2007,
Give him a Nobel please !
Paul Davis, 08.01.2009 18:36:16
By October 2008, it should be obvious to any critical thinker that fractional reserve banking is at the root of the current global financial collapse. It must be abolished in order to move to a stable and just economic system. As usual, Dr. Daly was way ahead of the crowd.
Roy Porter, 20.10.2008 09:22:13
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Herman E. Daly is an ecological economist and professor at the Maryland School of Public Affairs. Prior to his work at the Maryland School of Public Affairs, he worked at the World Bank, where he was Senior Economist in the Environment Department, helping to develop policy guidelines related to sustainable development. While there, he was engaged in environmental operations work in Latin America. He is co-founder and associate editor of the journal, Ecological Economics. His interest in economic development, population, resources, and environment has resulted in over a hundred articles as well as numerous books. His awards include the Grawemeyer Award for ideas for improving World Order, of the Honorary Right Livelihood Award, the Heineken Prize for Environmental Science from the Royal Netherlands Academy of Arts and Sciences and the Sophie Prize awarded by Norway.