Thanks for the thoughtful reply — I really appreciate you engaging! Just to clarify though, I do aim a substantial amount of critique at central banks throughout the piece. I explicitly point out that they control the issuance of base money, trigger bailouts through QE, and ultimately enable the entire debt-based model to persist. In fact, the whole article builds toward a system where central banks can’t step in to socialise losses — because that’s the root of the moral hazard. /P
