I saw Keen's recent video about Bancor and Ann's article here and couldn't agree more that a new international framework is necessary. Instead of Dollar dominance/the concept of trade in Dollars ONLY we need a unitary system itself that doesn't allow or enable one country to dominate. Its E pluribus unum (one out of many) applied to the international money system.
So again, its analyzing on the conceptual/PARADIGMATIC level...exactly like what we need on the domestic monetary system level where instead of Debt ONLY as the current monopolistic form and vehicle for the creation and distribution of all new money you break up that monopoly by strategically integrating a new paradigm of Monetary Gifting into economies with a reciprocal policy of a 50% Discount/Rebate at retail sale, thus simultaneously supercharging both individual purchasing power and demand for industry's goods and services while also transforming chronic erosive inflation into beneficial price and asset deflation...and finally, if the obvious benefits above are recognized and applied internationally would make all domestic economies much more democratically beneficial, capable and stable and so contribute to a much more robust/anti-fragile and distributive environment into which we could institutionalize Bancor 2.0.
1) In March 1973 when the United States Dollar Index or DXY was created, obviously the $ was set at 100. Since then its highest was 164.720 (Feb 1985), lowest 70.698 (March, 2008). As of Jan 30th 2026 it was at 97.147 - why, then, is what Trump's doing worse?
2) Carney's view that the US$ can be exchanged for an SHC for a fairer and more stable international financial system is (frankly) simplistic banking nonsense - a bit like your boy Gordon Brown's faith in DSGE, really..
3) If Carney wanted to better profess Canadian 'morals and values' he should start with the global reputation of the Canadian mining sector, which is (justifiably) appalling.
There are two interrelated problems here, both of which historically have a bad prognosis. The first is excessive financialisation and the second is the US's unsustainable position holding the global currency. Financialisation has undermined the resilience of nations, while the end of dollar dominance has created geopolitical instability. It is highly likely that this combination will lead us to war. There is not the maturity in politics to address this risk. Carney is perhaps an exception, but the EU and the UK are not in a good place to be responsive.
Another Reason The 50% Discount/Rebate At Retail Point(s) Is A Paradigm Change In A Single Policy
Because retail sale is the very purpose of economics, everyone must and does participate in retail sale and it is where all goods and services move from one point in the economic process to another or exit the process altogether and become consumption.
In other words its the most important, strategic and pervasive point in all of economics, and subsidizing both agents at those points with a reciprical policy of price reduction and monetary fulfillment of that discount back to the commercial agent granting the discount to the next or final agent basically supercharges the benefits and purposes of the economy.
Better yet make the central banks of the world become the universal economic and monetary democratizing force they should be instead of the hand maiden of the private banks in "normal" times and their bail bondsman when the banks and financial speculators "innovate" everyone into Minsky moments. How? By Implementing a policy program that includes:
1) a reasonable universal dividend to everyone 18 years of age and older for life,
2) a 50% Discount/Rebate policy at both regular consumer goods retail sale and the point of financial retail sale which is one's automobile, mortgage, insurance or other big ticket item's monthly payment and
3) putting no nonsense teeth into known and enforceable barriers/regulations on Finance instead of allowing the them to de-stabilize economies with their periodic "innovations" read chaos. Actual freedom only exists in the human universe within known and enforceable barriers because of a little thing called ethics, and deluding oneself that this is not true puts one on a planet other than earth.
The actual question is: How can we best make all economies and their currencies more robust so as to enable an international trade currency to function best/most democratically...so we don't just end up with another dominating nation hijacking the entire system...again.
Could this effectively be "Bancor 2.0", Ann?
I had a similar thought. How does Carney's SHC differ from the Bancor?
I saw Keen's recent video about Bancor and Ann's article here and couldn't agree more that a new international framework is necessary. Instead of Dollar dominance/the concept of trade in Dollars ONLY we need a unitary system itself that doesn't allow or enable one country to dominate. Its E pluribus unum (one out of many) applied to the international money system.
So again, its analyzing on the conceptual/PARADIGMATIC level...exactly like what we need on the domestic monetary system level where instead of Debt ONLY as the current monopolistic form and vehicle for the creation and distribution of all new money you break up that monopoly by strategically integrating a new paradigm of Monetary Gifting into economies with a reciprocal policy of a 50% Discount/Rebate at retail sale, thus simultaneously supercharging both individual purchasing power and demand for industry's goods and services while also transforming chronic erosive inflation into beneficial price and asset deflation...and finally, if the obvious benefits above are recognized and applied internationally would make all domestic economies much more democratically beneficial, capable and stable and so contribute to a much more robust/anti-fragile and distributive environment into which we could institutionalize Bancor 2.0.
1) In March 1973 when the United States Dollar Index or DXY was created, obviously the $ was set at 100. Since then its highest was 164.720 (Feb 1985), lowest 70.698 (March, 2008). As of Jan 30th 2026 it was at 97.147 - why, then, is what Trump's doing worse?
2) Carney's view that the US$ can be exchanged for an SHC for a fairer and more stable international financial system is (frankly) simplistic banking nonsense - a bit like your boy Gordon Brown's faith in DSGE, really..
3) If Carney wanted to better profess Canadian 'morals and values' he should start with the global reputation of the Canadian mining sector, which is (justifiably) appalling.
There are two interrelated problems here, both of which historically have a bad prognosis. The first is excessive financialisation and the second is the US's unsustainable position holding the global currency. Financialisation has undermined the resilience of nations, while the end of dollar dominance has created geopolitical instability. It is highly likely that this combination will lead us to war. There is not the maturity in politics to address this risk. Carney is perhaps an exception, but the EU and the UK are not in a good place to be responsive.
Another Reason The 50% Discount/Rebate At Retail Point(s) Is A Paradigm Change In A Single Policy
Because retail sale is the very purpose of economics, everyone must and does participate in retail sale and it is where all goods and services move from one point in the economic process to another or exit the process altogether and become consumption.
In other words its the most important, strategic and pervasive point in all of economics, and subsidizing both agents at those points with a reciprical policy of price reduction and monetary fulfillment of that discount back to the commercial agent granting the discount to the next or final agent basically supercharges the benefits and purposes of the economy.
Thank you non-Nobel prize committee in Economics.
wisdomicsblog.com
https://www.amazon.com/Wisdomics-Gracenomics-New-Monetary-Paradigm-Policies/dp/B08X7MZ4KH/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1552358772&sr=1-1-catcorr
Use bills of exchange and be done with central bank fiddling.
Better yet make the central banks of the world become the universal economic and monetary democratizing force they should be instead of the hand maiden of the private banks in "normal" times and their bail bondsman when the banks and financial speculators "innovate" everyone into Minsky moments. How? By Implementing a policy program that includes:
1) a reasonable universal dividend to everyone 18 years of age and older for life,
2) a 50% Discount/Rebate policy at both regular consumer goods retail sale and the point of financial retail sale which is one's automobile, mortgage, insurance or other big ticket item's monthly payment and
3) putting no nonsense teeth into known and enforceable barriers/regulations on Finance instead of allowing the them to de-stabilize economies with their periodic "innovations" read chaos. Actual freedom only exists in the human universe within known and enforceable barriers because of a little thing called ethics, and deluding oneself that this is not true puts one on a planet other than earth.
Well done Mark Carney.
The actual question is: How can we best make all economies and their currencies more robust so as to enable an international trade currency to function best/most democratically...so we don't just end up with another dominating nation hijacking the entire system...again.