> Politicians have gained control of money supply and they will not give up this instrument anymore The issuing of money is a key aspect of sovereignty. So, if

> Politicians have gained control of money supply and they will not give up this instrument anymore The issuing of money is a key aspect of sovereignty. So, if anything, it's "restored control of money supply". But even this is a misrepresentation, since most money in modern Capitalist states is created by commercial banks, through a Fractional Reserve mechanism: https://en.wikipedia.org/wiki/Fractional-reserve_banking https://en.wikipedia.org/wiki/Fractional-reserve_banking in a nutshell - banks only hold a fraction of the money they give out as loans, i.e. when they make loans they literally create new money. It's also a slight misrepresentation since governments are mostly not-really issuing their own money, just telling banks to issue a lot of loans. Having said that - the states may need to issue money to cover failing loans (or otherwise introduce stiff austerity programs). When the state issues money, it is typically not debt-based like commercial money. (officially it may be registered as sovereign "debt" to the central bank, but that debt is just an artifice, and is never collected). ---------- > QE was a fiasco. All that central banks have achieved over the past ten years is creating a lot of non-bank debt. Their actions kept interest rates low, which inflated asset prices and allowed companies to borrow cheaply through the issuance of bonds. But that's what they set out to achieve! That's the policy that government - or perhaps we should say, large corporations and financial institutions, through government - chose to enact. It is an aspect of the collective insanity of capitalism that millions of people lost their homes, and got no bailout or public housing etc. - but the financial institutions who had inflated the bubble of speculation and helped drive those people into ruin were showered with cheap money (after some of them having been bailed-out outright at public expense).