Michael Rowbotham
Encyclopedia
Michael Rowbotham is a political and economic writer and commentator based in the UK who is best known for his two books The Grip of Death (1998) and Goodbye America (2000). The Grip of Death focuses on what he believes to be inequities in the practice of fractional reserve banking (which he equates with counterfeit
ing) and the economic distortions he believes to be inherent in the so-called debt-based monetary system
which almost all nations utilise in the modern age. In Goodbye America Rowbotham argues that Third World debt is immoral, invalid, and inherently unrepayable. He argues that this 'unjust' debt should be canceled immediately.
Counterfeit
To counterfeit means to illegally imitate something. Counterfeit products are often produced with the intent to take advantage of the superior value of the imitated product...
ing) and the economic distortions he believes to be inherent in the so-called debt-based monetary system
Debt-based monetary system
Criticisms of fractional-reserve banking have been put forward from a variety of perspectives. Critics have included mainstream economists such as Irving Fisher, Frank Knight and Milton Friedman. Within the economics profession today, most criticisms are from non-mainstream economic theories such...
which almost all nations utilise in the modern age. In Goodbye America Rowbotham argues that Third World debt is immoral, invalid, and inherently unrepayable. He argues that this 'unjust' debt should be canceled immediately.
See also
- monetary reformMonetary reformMonetary reform describes any movement or theory that proposes a different system of supplying money and financing the economy from the current system.Monetary reformers may advocate any of the following, among other proposals:...
- Soft currency
- List of monetary reformers
- Criticism of fractional-reserve banking