The idea of a public national and central banking system is a good and correct “upping of the game”.
However, the flimsy liberal orthodoxy that inflation will not occur if we just don’t inject too much money into the economy is the same flaw advocates of social credit fell into after the death of C. H. Douglas, namely that the economy tends toward equilibrium and all we have to do is “fill the gap” which leaves the stench of Dynamic Stochastic General Equilibrium still hanging around it. No insult intended, even Steve Keen whose debunking of DSGE unconsciously still clings to a patina of the same mistaken concept.
It ignores that modern technologically advanced economies are INHERENTLY cost inflationary and even more importantly that the way to achieve the end of flawed orthdoxy and the inversion of temporal realities associated with paradigm change is to discover a way to create beneficial price deflation is to continuously fill the gap to abundant monetary over flowing and hence continuous economic free flowingness.
And that is achieved by integrating the universal dividend, the high percentage (50%) discount/rebate policy at the point of retail sale and the other regulations of Wisdomics-Gracenomics. The two policies construct the better alternative to the actual deepest cause of inflation which is commercial agents in an austere monetary system DECIDING to inflate prices when they perceive more money coming into the system in order to hopefully garner more business revenue. The volume of money is actually a seconday factor of inflation and as the point of retail sale is the terminal ending point of the entire economic process AND ALSO the terminal expression point for all forms of inflation the high percentage discount/rebate, again, beneficially integrates price deflation into profit making systems.
We have to drive a stake through the heart of private finance and its monopolistic paradigm of Debt/Cost/Burden Only with the extreme prejuidice of the new paradigm of Abundant Direct and Reciprocal Monetary Gifting….or it will rise from the dead and undo any and all lesser palliative reforms.
Also, another reason why we haven’t had much inflation is because we still have lingering mountain ranges of personal and private corporate debt consuming incomes as you do point out in the article. Once that debt is eliminated by a jubilee and/or other policies inflation will re-occur and give regressive forces what they believe to be an excuse for critiquing monetary abundance. Again, all the more reason to implement the paradigm changing better alternative.
Realizing the economic, monetary and inflation busting significance of the discount/rebate policy at retail sale is the invention of the telescope and the discovery of the ellipse of economic theory.
The Chinese use an equally elitist yet more pragmatic form of finance capitalism. As you noted almost all banks are government run. And when an enterprise does not produce profitability for the financial elite the Chinese simply write it off.
The FED has no idea what it is doing because it is still operating on debunked neo-liberalism. It’s good that you deleted any reference to Trump as he is the poster boy for all that is wrong with the money and financial systems (almost certainly money laundering of kleptocrat and slavery money and resulting compromat, bail outs by the same and abuse of bankruptcy. He’s intimately aware of the felonious form of gifting that’s true, but if anyone wants to think he’d buck his masters to do it the right way there’s a Florida mansion worth $25 million during the height of the GFC that I’ll sell to you for $95 million.