This article is flawed not in what it does say, but in its starting assumptions.

Credit Creation and Taxation are intimately linked and it is the to the Private creators of debt where the lions share of the seniorage from the same accrues , that is what the article misses.

This omission does not make the article incorrect,but it does severely limit the conclusions which could be drawn with respect to what Wealth creation is and how it should be measured.

A much direct route to solving the "problem" as the writer here defines it, would be Henry George's Single Land Tax or, alternatively a Tax on the creators of the credit. That or indeed a taking back of soverienty in credit creation matters to the soveriegn states within which private credit creators operate and pay very little in Taxes.

This paper by Dr Adrian Wriggley was submitted as evidence in 2010 to the Commons select comittee on the treasury

Distribution of credit rather than re-distribution of wealth can achieve the objective of fairer societies.

Henry George, The Tethered Bull, Money and Goods



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