Whether Britain remains in the European Union or not will soon be decided.  However, the more important question should be, “Who will be Britain’s Bankers?”  The more important problem that arises with the election to exit or remain with the EU, is that it does not address the currency problems.  All EU countries need to remain within the EU Trading Union, to have access to market goods, but they need their own sovereign currency, to retain control of their economies, within their borders.  These problems mirror the problems the states have in the US, because they do not have sovereign currency within state borders.  Public State Banks would provide the local currency to fund all government long-term infrastructure projects, solar energy expansion, and provide millions of jobs to everyone that wants one.  Public State Banks can also provide the source for guaranteed income to all residents.  The solution for Britain, Members of the EU and all the individual States in the US, is to create local sovereign currency, via a debit card from the state.  Every taxpayer would automatically have a local state bank account, and if working for the state, payroll would be paid via debit card.  It is not difficult to start a state bank, because there is no need for any insurance.  There is no need for required reserves.  There are many that profess a desire for state banks, guaranteed income, and jobs for everyone that wants one, but there never seems to be the “political will” to pass appropriate legislation to get it done.  There are many that can tell you how “austerity” can quickly change to “prosperity”, if only the government would start the chain reaction, of employing people that want to work. When governments use local sovereign money to provide financing for infrastructure, long-term energy projects, and jobs, it is not inflationary, because the value of the sovereign is based on the value of the labor, for which it is exchanged with the workers.  As long as the local currency is used for local transactions, the money is fiat, based only on the authority of the state.  When the state bank debit card is used for transactions outside of the sovereign local, then those transactions are reconciled with Federal Reserve Money.  I have a business degree, and I have studied this topic for a few years.  Don’t think we don’t have the solution to austerity, because we have it.

When I visited Europe in the 1970s, I had several kinds of currency in my pockets.  It’s time to return to sovereign currency.  The EU currency does not have to be abandoned.  We can simply carry two debit cards, and two kinds of currency in our pockets.  It’s a small price to pay to change our ailing economy from “austerity” to “prosperity”