Me: I have dropped Graeber’s name here numerous times. Why? Because the problem in economics is money, private debt and banking. In other words everything surrounding finance. That is the paradigm that hasn’t changed since Sumeria and is begging us to consciously awaken to. What is a debt jubilee? Monetary Gifting. What is a UBI? Monetary Gifting. What are (or should be) fiscal deficits? Monetary Gifting. What is a 50% discount/rebate policy at retail sale? A completely integrated, direct, continuous and virtually universally beneficial Monetary Gift that utilizes and perfectly mimics the debit/credit accounting process of money creation. Direct and Reciprocal Monetary Gifting, the policy essence of the new paradigm that will enable us to rejuvenate economics and effectively confront climate change.
T: As with my post above, what happens when fiat currency ends up being exchanged for real assets like mined minerals and fiat’s value is diminished by piles of it in the hands of the miners outside of the fiat issuing country and the recipient can find no party to accept? Then the hard assets end up in the hands of the financiers/rentiers. Then what? It seems like we end up with the same results that happened with The Enclosure?
Me: The obvious answer here is to create a true publicly administered national bank which, aligned with the new monetary and financial paradigm, is free to distribute credit in a socially beneficial way. Private money creation is a monopolistic, problematic business model which is the only business model allowed to extract costs post retail sale thus violating the consumer sanctity of retail sale. A public bank would innovate private money creation out of existence and it would make private money creation the shite picker upper occupation after the creation of the internal combustion engine.