P: Michael Hudson points out that we’ve seen this movie before. Rome was destroyed apparently by a build up of too much private debt and an institutional failure to forgive same. In Rome before the fall, this debt was owed to creditors who were senators or other elites allied with them. This small cohort of creditors and their stubborn refusal to take a haircut is what doomed Rome. The moral decay, the military collapse, the institutional rot, and the ultimate fall and physical disintegration of Rome all are traceable to this core failure to forgive private debt.
And so here we go again?
Me: Precisely…..unless we find a way to replace the current monetary paradigm of Debt ONLY with the new one of Direct and Reciprocal Monetary Gifting. A new paradigm that resolves austerity for enterprise, general scarcity of individual income, chronic inflation, lack of monetary sovereignty, the paradox of thrift, the “necessity” of re-distributive taxation and the endless economic theorizing/failure to begin organizing to politically significant constituencies…..because we fail to heed the two primary signatures of paradigm change, namely conceptual opposition to the old paradigm and inversion-transformation of it problematic dualities.
Examples: Nomadism to homesteading, terra to helio-centrism, Debt Only to Direct and reciprocal Monetary Gifting, the “necessity” of physical human input to human mental/artificial intelligence
And probably the biggest/most telling signature of a paradigm change is elegance, simplicity, effectiveness and the mirthful reaction to recognition of the new paradigm of: “Why didn’t I see this before, and why did it take 10 or 5000 years to see it.”