It is tremendously stupid that we give a single business model (Finance) a virtual monopoly to create the economic life's blood (money) of every individual and other commercial agent. But it is titanically stupid that we enable them a monopoly paradigm to create it ONLY as debt.
With that monopoly paradigm Finance has kept humanity on all fours for the entire history of civilization as Graeber and Hudson have well documented. And there's no conspiracy about it...because there's no need to conspire when you've been granted a monopoly paradigm which is the right to weield the power of the operant factor of an entire system/body of knowledge/pattern of thought. And unfortunately paradigms are like breathing, we're normally unconscious of them, and when you stack up 5000 years of acculturated unconsciousness it's no wonder even the most astute economists are unaware of the present monetary paradigm let alone be able to see the new concept that would beneficially and permanently change the entire character of money and economics.
It's past time we stood up on our own hind legs and demanded the monetary freedom that the last several centuries of our cultural inheritance of the ever increasing abundance of productive capabilities has bestowed upon us. A freedom that, all by itself, the present monetary and financial paradigm denies us.
And it's waaaay past time that we ended the bugaboo of inflation and the false orthodoxy that "inflation is always and everywhere a monetary phenomenon" by implementing beneficial price and asset deflation with a 50% Discount/Rebate policy at retail sale. That policy is powerful because it is the very expression of the new monetary and financial paradigm of Direct and Reciprocal Monetary Gifting.
Fiat currencies work. They don't presently work that well for anyone but lucky speculators and the rich and powerful, but with a new monetary paradigm of Direct and Reciprocal Monetary Gifting integrated into the Debt Only based system via a 50% Discount/Rebate policy at retail sale they will usher in the greatest increase in both individual and commercial security as well as survival potentials since the last two other mega-paradigm changes, namely the emergence of self awareness in the human species and the change from nomadic hunting and gathering to agriculture, homesteading and urbanization.
Paradigms are the operant reality factors in ENTIRE PATTERNS, hence by definition a new monetary paradigm would change the operant reality in the economy and the money system of which it is an integral part. If you're not analyzing on the paradigmatic level, then you're just another pundit or "expert" ...no matter whether you're actually astute or not.
Total class war,attack and undermine women's rights, break the fabric of family and society. Deregulation of workers rights, health and safety laws, reduce burdensome red tape. Destruction of the NHS and welfare system, leaving the poorest to a grim and uncertain future.
They'll spin it that COVID and Russia have blind sided us; (-none of these problems were a result of deliberate monetary policy for the last 22 years) The whole world is feeling pain (-well, we're not , but we'll tell you we are all in it together)
Resources are tight- kinda need to ration (we're all in it together!), - crypto could help make sure the right people get the right payments ( no fraud as happened in furlough- don't mention the massive governmental defrauding of the public purse) we can't use existing crypto (like XRP) too dicey, lots of fraud- look at all this scandal involved with non -centralised currency (that actually, our buddies at BlackRock helped to precipitate.)
You see, Central Bank Digital Currencies ARE the answer. (and Rishi Sunak loves them.)
This is what I wrote in reply to a piece in the FT today;
We have reached a tipping point, do you sense it?
There will be no more major QE, the Central Banks, or rather the interests that control them, do not want/need this. Instead, there will be more interest rate rises.
They have facilitated/created so much sovereign debt that it is no longer sustainable; the problem needs to be "dealt with."
They will tell us that the invisible hand of the market, is just prone to these slips- they are unpredictable and unavoidable- nobody was really responsible.
(That has been the exact problem; nobody has been responsible, every politician who should have done something has just rolled over and done what they were told to.)
The Central Banks, or rather those whose interests the CBs serve, or the political mouth pieces, through which they speak, will tell us that they have a solution- ( let's trust those unregulated forces that have caused this problem, to introduce the solution!) -Central Bank Digital Currencies- nice programmable money, where what funds we have can be constantly surveilled. Where what we spend it on, and in what time frame (before it expires) can be controlled.
This will not all happen at the point they suggest this "solution," of course, but it will happen, and more quickly than you will believe.
What's their end game? Feudalism? Is this why the various COP meetings have not produced action on climate change? Is it time for the Ministry of the Future's black ops?
Behind this is the tripling and subsidy of energy prices of course. Triggered by Putin's retaliation to sanctions.
But it's underreported that this is being made 3x worse than it needs to be to he tune of £4Billionn per month by obsolete pricing granting this bonanza to our own growing oligarch class. Plus a futher £3Billion per month to traders.
Than is undisputed and documented and qualified by Human Energy Plan B report.
Which was presented, along with a new distributed paradigm for the future enabling energy independence at every level, in this think tank session:
The UK's Energy Future at a Crossroads - Radix Think Tank
While I like most of your other newsletters, I completely disagree here. People like myself, who have been locked out of the housing market as it is insanely overvalued compared to rents (UK specific), are looking forward to the house price crash. Far too long, asset prices have been inflated beyond an average salary earner. Yes, we could 'afford' mortage payments at low interest rates, but then we would be hanging a debt millstone around our necks. We were sensible, we did not buy the biggest house we could 'afford', we saw the crazy prices around us and refuse to play this debt game. Low interest rates only benefit those who have existing assets. People who are working and trade labour for income are locked out of the housing market due to low interest rates.
I do not completely understand your points about asset prices being inflated and not wanting to hang a debt millstone around your neck. (I am not British. So my decision making may not be the same.) Do you aspire to a situation where you buy a house with cash? Or are you objecting to being forced to buy a house requiring a very large mortgage even if the low interest rate makes this mortgage “affordable”. What a bank believes is affordable and how people are able to live can be two different things.
Hello Professor,
I’ve heard two days ago only about the debate opposing « Nominalists »-Nogaro, against « Mettallists »-Rist,(article by Professor Jerome Blanc).
As well as Hawtrey. My ignorance is quite lame. But I’m working on it !
I am reading « The end of finance »(middle of the book). And I can’t help myself to compare the debate with the problematic presented in the book .
Simply put, I think that the debate brings life to the problematic.
May I humbly ask you how you’d look at that ?
If it is of interest to you of course.
It is tremendously stupid that we give a single business model (Finance) a virtual monopoly to create the economic life's blood (money) of every individual and other commercial agent. But it is titanically stupid that we enable them a monopoly paradigm to create it ONLY as debt.
With that monopoly paradigm Finance has kept humanity on all fours for the entire history of civilization as Graeber and Hudson have well documented. And there's no conspiracy about it...because there's no need to conspire when you've been granted a monopoly paradigm which is the right to weield the power of the operant factor of an entire system/body of knowledge/pattern of thought. And unfortunately paradigms are like breathing, we're normally unconscious of them, and when you stack up 5000 years of acculturated unconsciousness it's no wonder even the most astute economists are unaware of the present monetary paradigm let alone be able to see the new concept that would beneficially and permanently change the entire character of money and economics.
It's past time we stood up on our own hind legs and demanded the monetary freedom that the last several centuries of our cultural inheritance of the ever increasing abundance of productive capabilities has bestowed upon us. A freedom that, all by itself, the present monetary and financial paradigm denies us.
And it's waaaay past time that we ended the bugaboo of inflation and the false orthodoxy that "inflation is always and everywhere a monetary phenomenon" by implementing beneficial price and asset deflation with a 50% Discount/Rebate policy at retail sale. That policy is powerful because it is the very expression of the new monetary and financial paradigm of Direct and Reciprocal Monetary Gifting.
Fiat currencies work. They don't presently work that well for anyone but lucky speculators and the rich and powerful, but with a new monetary paradigm of Direct and Reciprocal Monetary Gifting integrated into the Debt Only based system via a 50% Discount/Rebate policy at retail sale they will usher in the greatest increase in both individual and commercial security as well as survival potentials since the last two other mega-paradigm changes, namely the emergence of self awareness in the human species and the change from nomadic hunting and gathering to agriculture, homesteading and urbanization.
Paradigms are the operant reality factors in ENTIRE PATTERNS, hence by definition a new monetary paradigm would change the operant reality in the economy and the money system of which it is an integral part. If you're not analyzing on the paradigmatic level, then you're just another pundit or "expert" ...no matter whether you're actually astute or not.
Total class war,attack and undermine women's rights, break the fabric of family and society. Deregulation of workers rights, health and safety laws, reduce burdensome red tape. Destruction of the NHS and welfare system, leaving the poorest to a grim and uncertain future.
Necessity.
They'll spin it that COVID and Russia have blind sided us; (-none of these problems were a result of deliberate monetary policy for the last 22 years) The whole world is feeling pain (-well, we're not , but we'll tell you we are all in it together)
Resources are tight- kinda need to ration (we're all in it together!), - crypto could help make sure the right people get the right payments ( no fraud as happened in furlough- don't mention the massive governmental defrauding of the public purse) we can't use existing crypto (like XRP) too dicey, lots of fraud- look at all this scandal involved with non -centralised currency (that actually, our buddies at BlackRock helped to precipitate.)
You see, Central Bank Digital Currencies ARE the answer. (and Rishi Sunak loves them.)
Everyone alright with that, then?
Toodle pip, let's get on with it!
When that happens it's pitchfork time!
This is what I wrote in reply to a piece in the FT today;
We have reached a tipping point, do you sense it?
There will be no more major QE, the Central Banks, or rather the interests that control them, do not want/need this. Instead, there will be more interest rate rises.
They have facilitated/created so much sovereign debt that it is no longer sustainable; the problem needs to be "dealt with."
They will tell us that the invisible hand of the market, is just prone to these slips- they are unpredictable and unavoidable- nobody was really responsible.
(That has been the exact problem; nobody has been responsible, every politician who should have done something has just rolled over and done what they were told to.)
The Central Banks, or rather those whose interests the CBs serve, or the political mouth pieces, through which they speak, will tell us that they have a solution- ( let's trust those unregulated forces that have caused this problem, to introduce the solution!) -Central Bank Digital Currencies- nice programmable money, where what funds we have can be constantly surveilled. Where what we spend it on, and in what time frame (before it expires) can be controlled.
This will not all happen at the point they suggest this "solution," of course, but it will happen, and more quickly than you will believe.
Caveat lector...
What's their end game? Feudalism? Is this why the various COP meetings have not produced action on climate change? Is it time for the Ministry of the Future's black ops?
See above.
TLDR
Total control!
Yes, but what narrative do you expect so that we buy their schtick?
Behind this is the tripling and subsidy of energy prices of course. Triggered by Putin's retaliation to sanctions.
But it's underreported that this is being made 3x worse than it needs to be to he tune of £4Billionn per month by obsolete pricing granting this bonanza to our own growing oligarch class. Plus a futher £3Billion per month to traders.
Than is undisputed and documented and qualified by Human Energy Plan B report.
Which was presented, along with a new distributed paradigm for the future enabling energy independence at every level, in this think tank session:
The UK's Energy Future at a Crossroads - Radix Think Tank
https://radixuk.org/video/the-uks-energy-future-at-a-crossroads/
Laying the foundations for an equitable Internet of clean energy, tackling climate change while supporting communities and creating green jobs.
Happy to discuss further.
While I like most of your other newsletters, I completely disagree here. People like myself, who have been locked out of the housing market as it is insanely overvalued compared to rents (UK specific), are looking forward to the house price crash. Far too long, asset prices have been inflated beyond an average salary earner. Yes, we could 'afford' mortage payments at low interest rates, but then we would be hanging a debt millstone around our necks. We were sensible, we did not buy the biggest house we could 'afford', we saw the crazy prices around us and refuse to play this debt game. Low interest rates only benefit those who have existing assets. People who are working and trade labour for income are locked out of the housing market due to low interest rates.
I do not completely understand your points about asset prices being inflated and not wanting to hang a debt millstone around your neck. (I am not British. So my decision making may not be the same.) Do you aspire to a situation where you buy a house with cash? Or are you objecting to being forced to buy a house requiring a very large mortgage even if the low interest rate makes this mortgage “affordable”. What a bank believes is affordable and how people are able to live can be two different things.