This is part two to a May 4, 2022 article called “A Monetary Reset Where the Rich Don’t Own Everything,” the gist of which was that national and global debt levels are unsustainably high. We need a “reset,” but of what sort? The “Great Reset” of the World Economic Forum (WEF) would leave the people as non-owner tenants in a feudalistic technocracy. The reset of the Eurasian Economic Union would allow participating nations to opt out of the Western capitalist system altogether, but what of the Western countries that are left? That is the question addressed here.
Hi Ellen, I have been thinking a bit regarding "sovereign money" of which your several variances have similar elements. It seems to me that the first step that needs to be done is to change the rules that require the gov't to issue debt which is then used by the private banks that control the federal reserve. It's similar to the fight to get public banks which are being opposed by the private banking interests. if that can be done then:
a) As proposed in India, the gov't wants to open a public window for its citizens as with a public bank and eliminating the need or in addition to local public banks. The issue, of course is capitalization so that the public banks can securitize gov't deposits.
b) the options which you present would fold into a national public bank as with any options for bank functions
There are problems on the horizon with alt currencies, including e-versions, competing options as exemplified by MPesa of the cell phone companies. The other issue is the banks such as Goldman which would see the entire investment banking industry topsy turvy. In one of the responses, the issue of social security and other gov't systems such as healthcare. We are back to the public/pv't debate at the very time that the conservative investment community is attacking corporations for including ESG's as opposed to stockholder maximization.
In other words we are being thrown back into the Regan/Thatcher public/p'vt gambit.
As I stated above, what is needed, first is to clear away the debt based detritus which has been sucking at the public troughs from the Fed to Wall Street.
I believe we are up to experiencing some very tough period from the USA adjusting its transforming from an Empire into a well-to-do normal country. The Oligarch elite refuses to accept this process with the worst debt in the world, and they pretend to use its huge weapons arsenal to steal from other countries like Venezuela or Russia to pay its debts. It's the AL CAPONE formula of using his power to force decent working people to submit to his will and rob them of their wealth.
Thank you for laying out these alternatives, Ellen. I'd like to add mine, from my book that's borrowed so much from you and hopes to repay some of it with a little interest ;-)
Turning debt into equity or issuing dollars to repay it both legitimize the debt, when the money was created and monopolized through usurping that power from government. The debt that IS legitimate and owed to the people is the Social Security Trust Fund around $3 trillion. Three one trillion platinum coins would do the trick. Then counties (or newly formed commonwealths) could take the credit against it at $9000 per resident and use it to capitalize their public bank.
As you suggested to me, they could give the Trust Fund a 7-8% return, keeping it solvent forever, if they're lending at a 10-1 ratio, even at 3%. However, the power to create money by lending what they don't have has to be declared illegal for ANY private entity. Banking isn't just A function of gov't, it's THE function of gov't so it can organize labor to serve the community.
If all mortgages could only be issued by the local public bank, that commonwealth could also issue the credit to pay the debt--as salaries or as subsidies that would boost local food, goods & services. This wouldn't be in dollars but in a local credit I call carets, which would only be taxed by the local gov't.
The commonwealth could make carets free of all but SS taxes if used locally. It could tax them at 50% if cashed out for dollars to buy foreign-made products. And it could make all housing priced in carets that required a $2 to ^1 currency exchange. That would protect local property from being snapped up by hedge funds and Treasury bill holders, who will have nothing left that dollars can buy after Glazyev's plan goes through. So it would conserve carets from being bled out as dollars, and protect the value of the caret in housing for the community.
I would love your and others' thoughts on this. I'm happy that it's getting a little traction.
Do What You know that is Profitable
Stay out of Debt
Live Modestly
Be Well Mannered
Trust Few and Far Between
Watch Everyone for Ideas & to Judge Their Character
Pray for Well Being of All
Take Good Vitamins & Herb that been around 10,000 years - > like Garlic
Never Take any Drug You Do Not Research
And NO NEW DRUGS - > Must be around Minimum 5years & No Bad Side Affects
Eat Good
Reasonable Exercise
Birds of Feather - > Flock Together
Take Nothing Home You Do Not want to Stay ( Mentally , Physically, Emotionally,
Sexually - > You get the Drift ?
Be a Nice Person to Yourself & Others
Do Not Speak ill of Self or Others ( Exp. ( I , Will be Dammed ) as Your ( Words may come true ( I saw this Happen to a Brilliant Person )
& No One is ( * PERFECT ! with the Exception of Jesus ( MHO )
Please explain, if you can (it can't be done) how Congress regulates the dollar.
Musk, after he takes over Twitter, must declare martial law.
Ellen Brown gets to decide who gets hanged and who gets shot.
Hi Ellen, I have been thinking a bit regarding "sovereign money" of which your several variances have similar elements. It seems to me that the first step that needs to be done is to change the rules that require the gov't to issue debt which is then used by the private banks that control the federal reserve. It's similar to the fight to get public banks which are being opposed by the private banking interests. if that can be done then:
a) As proposed in India, the gov't wants to open a public window for its citizens as with a public bank and eliminating the need or in addition to local public banks. The issue, of course is capitalization so that the public banks can securitize gov't deposits.
b) the options which you present would fold into a national public bank as with any options for bank functions
There are problems on the horizon with alt currencies, including e-versions, competing options as exemplified by MPesa of the cell phone companies. The other issue is the banks such as Goldman which would see the entire investment banking industry topsy turvy. In one of the responses, the issue of social security and other gov't systems such as healthcare. We are back to the public/pv't debate at the very time that the conservative investment community is attacking corporations for including ESG's as opposed to stockholder maximization.
In other words we are being thrown back into the Regan/Thatcher public/p'vt gambit.
As I stated above, what is needed, first is to clear away the debt based detritus which has been sucking at the public troughs from the Fed to Wall Street.
I hereby declare that Handsome Truth is the spark of the Revolution! gtvflyers.com
I believe we are up to experiencing some very tough period from the USA adjusting its transforming from an Empire into a well-to-do normal country. The Oligarch elite refuses to accept this process with the worst debt in the world, and they pretend to use its huge weapons arsenal to steal from other countries like Venezuela or Russia to pay its debts. It's the AL CAPONE formula of using his power to force decent working people to submit to his will and rob them of their wealth.
Thank you for laying out these alternatives, Ellen. I'd like to add mine, from my book that's borrowed so much from you and hopes to repay some of it with a little interest ;-)
Turning debt into equity or issuing dollars to repay it both legitimize the debt, when the money was created and monopolized through usurping that power from government. The debt that IS legitimate and owed to the people is the Social Security Trust Fund around $3 trillion. Three one trillion platinum coins would do the trick. Then counties (or newly formed commonwealths) could take the credit against it at $9000 per resident and use it to capitalize their public bank.
As you suggested to me, they could give the Trust Fund a 7-8% return, keeping it solvent forever, if they're lending at a 10-1 ratio, even at 3%. However, the power to create money by lending what they don't have has to be declared illegal for ANY private entity. Banking isn't just A function of gov't, it's THE function of gov't so it can organize labor to serve the community.
If all mortgages could only be issued by the local public bank, that commonwealth could also issue the credit to pay the debt--as salaries or as subsidies that would boost local food, goods & services. This wouldn't be in dollars but in a local credit I call carets, which would only be taxed by the local gov't.
The commonwealth could make carets free of all but SS taxes if used locally. It could tax them at 50% if cashed out for dollars to buy foreign-made products. And it could make all housing priced in carets that required a $2 to ^1 currency exchange. That would protect local property from being snapped up by hedge funds and Treasury bill holders, who will have nothing left that dollars can buy after Glazyev's plan goes through. So it would conserve carets from being bled out as dollars, and protect the value of the caret in housing for the community.
I would love your and others' thoughts on this. I'm happy that it's getting a little traction.