A Different Approach to Bank Credit Creation - Interest Free Debt

A fundamental flaw with private institutions (banks) creating the credit and lending it out to the public is compounding interest gained by banks and extracted from the public. Governments themselves have let private institutions be in full control of the money supply and have hit extortionate levels of debt; to pay off the interest, they use taxes and extract more money from the general public.

Prof. Richard Werner proposes a new system where the power of credit creation is in the hands of the government, tax burden is lowered, and interest free debt can exist.

Interviewer: Charles Bazlinton - The Free Lunch: Fairness with Freedom

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