Concordian Monetary Policy proposes for the Fed to follow Three Rules: 1. issue loans ONLY for the creation of real wealth;
2. issue loans ONLY to individual entrepreneurs, to cooperatives, to corporations with ESOPs in their operations, and to public agencies with taxing power;
3. issue loans at cost.
As we shall see in a moment, there are other policies in Concordian economics, but they can wait. The reform of our monetary system is the most important, the most urgent.
Do you see how "simple" it is? We can do it. We must do it.
***
You can read much more on this topic in the Springer books, in many other venues, and from the Internet Petition titled MEND THE FED.
Study this petition, sign it, pass it along to friends and relatives.
If you can, do contact your state and federal representatives.
Do hellp create a Concordian monatary system. You do not need long explanations to realize that a monetary system that applies these Three Rules will put a stop to money controlling people.
PEOPLE WILL FINALLY CONTROL MONEY.
A simplest piece of evidence is this: when people exercise their right of access to national credit, the system can no longer discriminate among white, black, or brown applicants.
More deeply, such a policy diverts money from Wall Street to Main Street.
More deeply still, such a policy diverts money from the creation of financial assets to the creation of real wealth.
Deeper still, the economic and poitical implications of this policy cannot be fully appreciated without a full understanding of the thught and work of Bnjamin Franklin.
2. issue loans ONLY to individual entrepreneurs, to cooperatives, to corporations with ESOPs in their operations, and to public agencies with taxing power;
3. issue loans at cost.
As we shall see in a moment, there are other policies in Concordian economics, but they can wait. The reform of our monetary system is the most important, the most urgent.
Do you see how "simple" it is? We can do it. We must do it.
***
You can read much more on this topic in the Springer books, in many other venues, and from the Internet Petition titled MEND THE FED.
Study this petition, sign it, pass it along to friends and relatives.
If you can, do contact your state and federal representatives.
Do hellp create a Concordian monatary system. You do not need long explanations to realize that a monetary system that applies these Three Rules will put a stop to money controlling people.
PEOPLE WILL FINALLY CONTROL MONEY.
A simplest piece of evidence is this: when people exercise their right of access to national credit, the system can no longer discriminate among white, black, or brown applicants.
More deeply, such a policy diverts money from Wall Street to Main Street.
More deeply still, such a policy diverts money from the creation of financial assets to the creation of real wealth.
Deeper still, the economic and poitical implications of this policy cannot be fully appreciated without a full understanding of the thught and work of Bnjamin Franklin.
SECOND PLAN OF ACTION
The second plan of action that wiil create Concordian economic justice can be implemented rather quickly. It is part and parcel of Labor Policy. This recomendation is primarily presented to Labr Unions,
As we have seen, this is an automatic expression and implementaion of Concordian monetary policy through ESOPs. We can now make this a warm expicit recommendaation to Labor Unions.
Stop asking for higher wages. Ask instead for Equity Distribution, a fair distribution of capital appreciation.
It is Labor, not Capital, that creates real values. A fair share of capital appreciation belongs to wokers and employees.
This policy will do much to curb the speed of current rampant inequality in the distribution of income and wealth.
This policy will also do much to curb the unending verbal struggle between Capitalists and Soialists/Marxiists. Rather than talking, will they start listening to each other?
This policy will do much to curb the growth of poverty. When wages rise, workers derive a temporary benefit; but then prices rise. What happens to people on fixed income or no income at all?
Understanding of the work and thought of Louis O. Kelso will fill the many blatant gaps left open here.
As we have seen, this is an automatic expression and implementaion of Concordian monetary policy through ESOPs. We can now make this a warm expicit recommendaation to Labor Unions.
Stop asking for higher wages. Ask instead for Equity Distribution, a fair distribution of capital appreciation.
It is Labor, not Capital, that creates real values. A fair share of capital appreciation belongs to wokers and employees.
This policy will do much to curb the speed of current rampant inequality in the distribution of income and wealth.
This policy will also do much to curb the unending verbal struggle between Capitalists and Soialists/Marxiists. Rather than talking, will they start listening to each other?
This policy will do much to curb the growth of poverty. When wages rise, workers derive a temporary benefit; but then prices rise. What happens to people on fixed income or no income at all?
Understanding of the work and thought of Louis O. Kelso will fill the many blatant gaps left open here.
THIRD PLAN OF ACTION
The third plan of action of Concrdian economic justice can also be implemented rather quickly. It is part and parcel of Industrial Policy.
You may notice that in mainstream econmics there is no Labor Policy, no Industrial Policy. There is only monetary and fiscal poliy.
And monetary policy is not concerned with the creation and ditribution of money, but with curbing inflation and icreasing employment.
***
The recomendation concerning the implementation of a just Industrial Policy is primarily presented to the heads of our magnificennt corporations.
To repeat, there is no Industrial Policy today. Whatever goes on in the corporate world can best be compared to the Pac Man approach to life: Development occurs, not by organc internal growth, but by external purchase.
Not to put too fine point on it, is not this industrial murder?
The Progrssive Movment in the United States was keenly aware of the many dangers involved in this approach to industrial growth, but they only looked mostly backward. The best they recommended was to "bust the trusts": break up the large agglomerations dominating the corrporate world today. This is a policy easy to enunciate but hard to put into practice.
Concordian economics looks forward and, in honr to the genius of Louis D. Brandeis, suggests this Brandeis Rule.
Let start with the first 100 or 200 largest corporations. Let neither be alllowed to buy other corporatinns nor to be baught for one or two years.
Lets us study the effects of this policy and etermine whether it should cover smaller corporations, up until we reach corporations that in the United States do business within each state.
You may notice that in mainstream econmics there is no Labor Policy, no Industrial Policy. There is only monetary and fiscal poliy.
And monetary policy is not concerned with the creation and ditribution of money, but with curbing inflation and icreasing employment.
***
The recomendation concerning the implementation of a just Industrial Policy is primarily presented to the heads of our magnificennt corporations.
To repeat, there is no Industrial Policy today. Whatever goes on in the corporate world can best be compared to the Pac Man approach to life: Development occurs, not by organc internal growth, but by external purchase.
Not to put too fine point on it, is not this industrial murder?
The Progrssive Movment in the United States was keenly aware of the many dangers involved in this approach to industrial growth, but they only looked mostly backward. The best they recommended was to "bust the trusts": break up the large agglomerations dominating the corrporate world today. This is a policy easy to enunciate but hard to put into practice.
Concordian economics looks forward and, in honr to the genius of Louis D. Brandeis, suggests this Brandeis Rule.
Let start with the first 100 or 200 largest corporations. Let neither be alllowed to buy other corporatinns nor to be baught for one or two years.
Lets us study the effects of this policy and etermine whether it should cover smaller corporations, up until we reach corporations that in the United States do business within each state.
FOURTH PLAN OF ACTION
I am going to yield to a temptation here. I will cast my eyes on very few features of Concordian economic justice in the field of fiscal policy. I will rather urge the reader to get familiar with the work and thought of Henry George, togheter with his innumerable devout followers all over the world.
The field of land value taxation is very importanat. The policy callls for taxinng land and natural resources, and gradually reducing taxes on any other form of wealth.
Eight Nobel Laureates in economics endorsed it.
The issue is very much related to housing and homelessness.
The field of land value taxation is very importanat. The policy callls for taxinng land and natural resources, and gradually reducing taxes on any other form of wealth.
Eight Nobel Laureates in economics endorsed it.
The issue is very much related to housing and homelessness.
FIFTH PLAN OF ACTION
Cancel Student Debt? NO!! Cancel ALL Debt
This is the title given by my editor and publisher, Dr. John B Lounsbury, to a piece I wrote for EconIntersect. John was absolutely right. And I am confirmed in these assuptions with much passage of time.
We hear much of cancellation of student debt. While a worthy effort, not much thought has been given to its implications. And I do not mean economic implications alone. Let us start with a brief examination of a few social implications.
We hear much of cancellation of student debt. While a worthy effort, not much thought has been given to its implications. And I do not mean economic implications alone. Let us start with a brief examination of a few social implications.
Social Implications
When you give special treatment to any segment of society, you inevitably segment society into pieces – and you automatically sow seeds of destruction. You set one group against another.
No. You should not do that. Are not people whose mortgages are “underwater” deserving of such equitable treatment as cancellation of their debts? One can argue that they are more deserving because, while students knew they were incurring debt with the accumulation of interest, and compound interest, mortgage holders did not know that “the Market” would cause a collapse of the value of their houses.
No. You cannot be the judge of who is “more” deserving than the other.
Worse. Are you saying that some are “first-class” citizens? Who is to judge?
Political Implications
When you set one group against the other or even more simply temporarily you set one before the other, you are destined to fail politically. To win such awesome social and political battles as cancellation of debts on a systematic basis, you need the broadest possible coalition of citizens. To select one group for “preferential treatment” is politically self-defeating.
No. You should not do that. Are not people whose mortgages are “underwater” deserving of such equitable treatment as cancellation of their debts? One can argue that they are more deserving because, while students knew they were incurring debt with the accumulation of interest, and compound interest, mortgage holders did not know that “the Market” would cause a collapse of the value of their houses.
No. You cannot be the judge of who is “more” deserving than the other.
Worse. Are you saying that some are “first-class” citizens? Who is to judge?
Political Implications
When you set one group against the other or even more simply temporarily you set one before the other, you are destined to fail politically. To win such awesome social and political battles as cancellation of debts on a systematic basis, you need the broadest possible coalition of citizens. To select one group for “preferential treatment” is politically self-defeating.
The case for a sistematic cancellation of debt is ancient. it goes all the way back to Moses and Jesus. It was practiced by nearly all kings and emperors acceding to the throne
The case is not only rooted in the right moraity, but especially into a deep understanding of what is money and what is economic liberty.
All too curt, especially today money is an accumulation oof zeroros. There is little or no real wealth behind that accumulation of zeros, so destroing them one leaves real wealth totally unaffected.
The trick is to reduce debt systematically, so all creditors are kept always in the same relation to each other.
And what of debtors? Insolvent debtors used to be sent to jail, until it was commonly understood that such a practice imposed a great burden on society.
Today we are learning that the cancellation of debts liberates the debbtor. And if this person has learned anything through te ordeal, this increased knowledge will turn to the great benefit of society. Past errors will not be ommitted again.
The case is not only rooted in the right moraity, but especially into a deep understanding of what is money and what is economic liberty.
All too curt, especially today money is an accumulation oof zeroros. There is little or no real wealth behind that accumulation of zeros, so destroing them one leaves real wealth totally unaffected.
The trick is to reduce debt systematically, so all creditors are kept always in the same relation to each other.
And what of debtors? Insolvent debtors used to be sent to jail, until it was commonly understood that such a practice imposed a great burden on society.
Today we are learning that the cancellation of debts liberates the debbtor. And if this person has learned anything through te ordeal, this increased knowledge will turn to the great benefit of society. Past errors will not be ommitted again.