I came across another interesting proposal for money creation the other day.
These questions of Circular Economy, Materials Passports, re-defining prosperity, Status questions, Distributive and re-distributive political economy all feedback into a question of *Whoś Reality’ are we seeking to cater for in our political Economy.
That is a fundamental question Who’s Reality?
Your perspective is grounded in abstracting reality to a balance sheet view albeit a balance sheet based on SEEDS energy metrics. My own perspectives are drawn from technological perspectives and these Cornucopian views of Cornucopian possibilities derived from circular manufacturing concepts lead me to be optimistic as a possibilist technologically speaking. The obstacles are and will remain political and geopolitical and here the Pigou Dalton principle regarding status and managing expectations becomes paramount.
I would be very interested to hear what you think of Thomas Rau’s ideas I find them compelling.
Best Wishes and A belated happy new year.
Why should we not include each in money creation?
All sovereign debt shall be financed with Shares of global fiat credit, that may be claimed by each adult human on the planet, held in trust with local deposit banks, administered by local fiduciaries and actuaries exclusively for secure sovereign investment at a fixed and sustainable rate, as part of an actual social contract
This is a great idea, getting the conversation started is quite a problem even with those with a long history of supporting Universal Basic Income. Stating a proposal this boldly is an excellent initiative as it invites people to sign up unless they have a sound objection. I see no objection and would happily sign up to this to get the show on the road.
Here is a Dialogue I had with Clive Lord Joint founder of the UK Green Party, I wish Clive could see the money creation question as clearly as you state it here Stephen.
Go to the profile of Clive Lord
‘Fiat’ money MUST be tied to eco-considerations, so must entail redistribution, and with a Basic Income taxes can reflect what is, or is not sustainable.
Go to the profile of Roger Glyndwr Lewis
Roger Glyndwr Lewis
I am really happy you have joined this discussion I think that Stephens distillation of the problem to his simple rule provides a very good starting point to understanding what money is and what it can be.
Regarding sustainabiltity I think that Energy based metrics for money values is essential this is nothing to do with redistribution and evrything to do with being cognisant of what stuff there is and qwhere that stuff is. Dr Tim Morgan has doene some excellent work on the question recently on his Blog.
Tim Morgan in the last blöog of his I read a few weeks ago appeared to be getting frustrated and drawn into frustration and doubt as to the extebnt to which new energy technologies can really sustain the Human Family Hans Rausing used to call himself a possibilist and I think thats a great positibve view to have regarding Stephens simple rule I think we can all speak to our inner possibilist and see that he is on to something here.