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The future of the financial system: or the end of The Alchemist Age

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The Future of the Financial System persuasively exposes the new social reality behind the old financial concepts that allows unexpected but inevitable conclusions about the direction in which finance evolves. It is clear now that the conventional financial system does not work. Governments, central banks, and international organizations are taking various steps to deal wit The Future of the Financial System persuasively exposes the new social reality behind the old financial concepts that allows unexpected but inevitable conclusions about the direction in which finance evolves. It is clear now that the conventional financial system does not work. Governments, central banks, and international organizations are taking various steps to deal with financial instability and to stimulate their economies including unlimited quantitative easing; increase in banks' liquidity requirements; negative nominal and even real interest rates etc. Sometime these steps are contradictory, and sometimes they are inconsistent, but they give a general idea about the financial architecture which is beginning to emerge: - Government bonds are likely to become perpetual and non-redeemable, or, put simply the Treasury will have the right to issue money. - The banking system of the future will evolve into a full-reserve system. - Governments are likely to start imposing a direct tax on cash also known as demurrage fee. The Future of the Financial System explains the economic grounds behind these development trends which have been forcing authorities to implement these measures.


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The Future of the Financial System persuasively exposes the new social reality behind the old financial concepts that allows unexpected but inevitable conclusions about the direction in which finance evolves. It is clear now that the conventional financial system does not work. Governments, central banks, and international organizations are taking various steps to deal wit The Future of the Financial System persuasively exposes the new social reality behind the old financial concepts that allows unexpected but inevitable conclusions about the direction in which finance evolves. It is clear now that the conventional financial system does not work. Governments, central banks, and international organizations are taking various steps to deal with financial instability and to stimulate their economies including unlimited quantitative easing; increase in banks' liquidity requirements; negative nominal and even real interest rates etc. Sometime these steps are contradictory, and sometimes they are inconsistent, but they give a general idea about the financial architecture which is beginning to emerge: - Government bonds are likely to become perpetual and non-redeemable, or, put simply the Treasury will have the right to issue money. - The banking system of the future will evolve into a full-reserve system. - Governments are likely to start imposing a direct tax on cash also known as demurrage fee. The Future of the Financial System explains the economic grounds behind these development trends which have been forcing authorities to implement these measures.

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