PAUL BUITINK : “THE GOVERNMENT SHOULD NOT BE INVOLVED WHEN IT COMES TO CREATING MONEY”

Paul Buitink, Professor at the Department of Economics at the Universidad San Francisco, Quito, Ecuador and marketing manager for the Dutch Clevercoin exchange, strongly feels that the government should not be involved when it comes to creating money. In fact, Mr. Buitink also believes that we should not try to keep the current monetary system in tact either.
FLAWS IN THE CURRENT MONETARY SYSTEM. The current economic crisis is not a result of insufficient regulation, but rather the result of years of bad regulatory measures. Banks have been allowed to make a mess of the monetary system because of improper rulings and ‘higher up’ institutions failing to keep an eye on the situation. Central banks, all kinds of privileges and a severe lack of competition in the monetary space have lead to the mix up of credit and money. This has also allowed banks and governments to take huge risks, which in turn lead to an even worse situation affecting most of the world’s population.

This post was published at Crypto Articles on January 20, 2015.