Counterfeiting by any other name…is still counterfeiting.
Guest essay by Eric Worrall
Michael Metcalfe, a senior merchant banker who gave a TED Talk in 2014 campaigning for money to be printed on a vast scale, to fund global charities, now wants governments to print 100s of billions of dollars, to combat Climate Change.
Can we print money for climate finance? Three years ago, the idea of using money in this way was something of a taboo. Once you break down and dismantle the idea that money is a finite resource, governments can quickly get overwhelmed by demands from their people to print more and more money for other causes: education, health care, welfare — even defense.
And there are some truly terrible historical examples of money printing — uncontrolled money printing — leading to hyperinflation. Think: Weimar Republic in 1930; Zimbabwe more recently, in 2008, when the prices of basic goods like bread are doubling every…
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