Me: “if all companies are publicly financed as you suggest that means financing must come from either customers or from tax money.”
Not correct. A public national banking/financial system could just create money and loan it out. Likewise, the monetary authority could simply fund itself. Of course you’d need to have hard and fast rules (every decision to loan or fund is based firmly and logically on the benevolent, exceedingly rational, positive, constructive and ethical concept of grace…with no nonsense or flim flam allowed), but coupled with making it a fourth branch of government, protected from inflation by a 50% discount/rebate policy at retail sale and regulatory and tax incentives and disincentives for bad actors….who needs taxation to fund anything except a reasonable and lesser amount than presently in order to establish the unmistakable sovereignty of the government also based upon the concept of grace?
Cynicism, vested power and struggle equally mean nothing when it comes to species survival and paradigm change. Go to the heart of the problem and solve it.
KZ: Craig, I guess I’m a bit more of a conservative than you. Right now, the Federal Reserve “creates” money and loans it to Federal banks. These in turn loan to commercial banks. I’d prefer credit unions or something similar provide the money for such a plan as you propose. First, credit unions make no profit. Second, they are member owned. Third, credit unions are cooperative financial institutions. Fourth, credit unions pay no federal or state taxes, which makes their lending genuinely community focused. Finally, credit unions are self-regulating. They’re a perfect instrument for getting us focused away from profit and debt for profit. Finally, any plan to deal with “bad” actors via regulation and taxes will be undermined by individuals and companies that pay little tax now but have learned how to become rich through tax incentives. To have any chance of changing this, we’ll need to arrest and jail these “tax haven” vultures.
Me: Ken, The actual process is commercial banks lend and then look for reserves. The FED, even though they have the charter to create our money (only as debt), is actually the handmaiden of the too big to fail banks.
As for credit unions the new paradigm doesn’t outlaw them or other forms of banking that are allowed to loan only already saved money and profits it just doesn’t allow them to actually create new money. Of course having to make a profit they would have to charge interest and so they would have a very big problem competing with a non-profit national publicly administered AND FUNDED banking and financial system which would NOT need to charge interest and as my book points out could become the new legitimate ending point for the economic process where a second 50% discount/rebate policy was enacted on products that made ecological sense.
Private finance could always fund legitimate and ethically vetted speculative ventures that the national system did not deem were likely to pan out. When we made the change from hunting and gathering we didn’t stop hunting or grabbing an occasional apple from an orchard, it’s just that these actions lost their primacy.