Ann, the problem we face is the monopolistic monetary and financial paradigm for the creation and distribution of new money, namely Debt Only. Yourself and all of MMT, Keen's Minsky's Financial Instability Hypothesis, UBI, Michael Hudson's financial parasitism have the problem well surrounded it's just that we need to "up our game" to the level of paradigmatic analysis. Reforms are all well and good, but an entire pattern/paradigm change is what truly changes things. Paradigms are single concepts that describe the operant factor of a system, body of knowledge and new paradigms change the character of a pattern under analysis. The single policy of a 50% Discount to the consumer at retail sale all of which is rebated back to the merchant by the monetary authority mandated to do such would change the pattern of finance and the economy because it would 1) mathematically eliminate inflation by implementing beneficial price and asset deflation. Whew! That's mind blowing, no? 2) It would immediately and directly double the purchasing power of every individual economic agent and potentially double all demand for every enterprise's goods and services. 3) if inflation is condemned to the dust bin of history, then fiscal deficits for sovereign currency nations could be hugely increased in order to fund the mega projects necessary to confront climate change.
If you or anyone else can come up with a single policy that creates so much beneficial change and solves as many problems I'd be happy to hear about it. The above policy and the rest of the policy program of the new monetary and financial paradigm can be found in my book if anyone cares to investigate it.
Ann this is so important at the moment - to se the links you set out - I wonder do you have anything we could publish as a blog for the Rapid Transition Alliance?
Ann, the problem we face is the monopolistic monetary and financial paradigm for the creation and distribution of new money, namely Debt Only. Yourself and all of MMT, Keen's Minsky's Financial Instability Hypothesis, UBI, Michael Hudson's financial parasitism have the problem well surrounded it's just that we need to "up our game" to the level of paradigmatic analysis. Reforms are all well and good, but an entire pattern/paradigm change is what truly changes things. Paradigms are single concepts that describe the operant factor of a system, body of knowledge and new paradigms change the character of a pattern under analysis. The single policy of a 50% Discount to the consumer at retail sale all of which is rebated back to the merchant by the monetary authority mandated to do such would change the pattern of finance and the economy because it would 1) mathematically eliminate inflation by implementing beneficial price and asset deflation. Whew! That's mind blowing, no? 2) It would immediately and directly double the purchasing power of every individual economic agent and potentially double all demand for every enterprise's goods and services. 3) if inflation is condemned to the dust bin of history, then fiscal deficits for sovereign currency nations could be hugely increased in order to fund the mega projects necessary to confront climate change.
If you or anyone else can come up with a single policy that creates so much beneficial change and solves as many problems I'd be happy to hear about it. The above policy and the rest of the policy program of the new monetary and financial paradigm can be found in my book if anyone cares to investigate it.
Ann this is so important at the moment - to se the links you set out - I wonder do you have anything we could publish as a blog for the Rapid Transition Alliance?
Your insights are invaluable, Ann, thank you so much. I wish this analysis was in the Economist; but I'm not clear on your prescription for repair? What does reintegrating markets in society look like, in practice? Could that be combined with the Bridgetown Agenda? https://www.climatechangenews.com/2022/09/23/mia-mottley-builds-global-coalition-to-make-financial-system-fit-for-climate-action/
So helpful for non economists!
So terrifying that no lne seems to hear.