We need to keep focused on three things:

1) taking control of money creation on the national level (Public Banking on the city and state level is fine and can run concurrently with the broader effort)

2) in order to accomplish that doing a hard sell of the incredibly beneficial results of having a public system with policies like a universal dividend for everyone at age 18, a 50% discount/rebate policy at retail sale that doubles everyone’s potential purchasing power and not only terminally ends any possibility of inflation but integrates price deflation into profit making economic systems and finally extending the 50% discount/rebate policy to a new ending point for the entire economic process at the point of note creation. That would make a $300k house be reduced at retail sale to $150k and to $75K at creation of the 0% note.

3) making damned good and sure that the new national publicly administered banking and financial system are aligned with and firmly guided by the new paradigm and unimpeachable ethic of grace as in love in individual action/systemic policy.

The world is a corrupted place and as this thread demonstrates it is often difficult to discern truth from deception, but the best way to proceed is always to attempt to legally grasp control of the situation and integrate the power of soverignty with the moral and ethical power of grace.

EB:  My feeling is that we’ll probably have to wait for the next collapse. Then everyone will be so fed up, they’ll be ready to change the money system. For now, I’m just trying to get ideas out there so they’ll be on the table when the crisis hits.

Me:  That’s an understandable stance, but over 10 years out from the GFC strategies like being an export platform or doing indirect QE forever so that the economy can take on the appearance of recovery, etc., etc. can obscure the underlying problem of an inherent scarcity of actually available individual incomes/business revenue….for a very long time.

If we have learned anything from Trump it is that the big lie works…especially with a populace that is already sick and tired of being sick and tired. And what we should learn from that is that providing an abundantly attractive, self interested and TRUTHFUL vision as a more workable and beneficial alternative….WILL WORK…and has the further advantage of being a much more ethical alternative to the dark side nonsense of Trumpism etc.

The last three general elections have all been about change. That’s not going to change until an actually better alternative AND VISION OF IT…is provided.

So let’s get on with it.

MMT has money mechanics correct, and like every other heterodox theory recognizes that the system is monetarily austere. Unfortunately like every heterodox theory to one degree or another they are still hypnotized by the quantity theory of money and the velocity of its circulation. Monetary inflation occurs, but money is not its primary cause which makes it a misnomer. It actually occurs because of monetary scarcity….and there not being a better, more rational and more beneficial alternative for commercial agents existing in an austere system with a chronic and general scarcity of actually available individual income/business revenue. Thus when such agents perceive more money coming into the system they raise their prices in the hopes of garnering more revenue. The assertion that inflation will not occur if we only toss a little more money into the economy is a flimsy orthodoxy.

You have to provide the better, concrete and temporal universe alternative by looking directly at the day to day operations of the economy…not just relate to it via abstractions and near misses.

It’s good that you’re citing Steve Keen he’s the best and most insightful macro-economist on the planet. All he needs to do now is awaken to the single paradigm changing concept of Abundantly Direct and Reciprocal Monetary Gifting and also discover the exact point in the economic process to implement a monetary and pricing policy that exactly reflects that concept and by its actions will effect the new paradigm.

Directness of monetary gifting to the individual is one of the aspects the monetary system has always lacked, and a policy of reciprocal monetary gifting at a significant point in the economy is what will synergize the effects of the two policies. Then add abundance and many more of the supposedly necessary inflation fighting mechanisms will become redundant and governmental funding via taxation will be able to be vastly reduced. Paradigms are earth shaking and orthodoxy destroying events. Let us proceed with the one in economic theory, finance and the money system.

What if today’s current paradigm for inquiry is Science Only and the new paradigm is wisdom as in the inclusive integration of only the truths in opposing perspectives including the scientific method? And what if the philosophical concept of grace as in the dynamic, interactive, integrative and unitary free flow of everything is actually the best and most accurate scientific description of the physical/temporal universe which we and the entirety of the legitimate economic process is embedded in and must adhere to…if it indeed also wants to be gracefully, abundantly and stably free flowing?

Economics doesn’t need endless iconoclastic critique or equally endless theoretical tweaking, it needs philosophical search and exegesis for the concept that has been behind every historical paradigm change and that in fact is reflective of the concept behind every one of the cutting edge policy suggestions espoused by each of the cutting edge heterodox economists like UBI, government deficit spending and debt jubilees.

Once Galileo saw the moons of Jupiter he knew helio-centrism was almost certainly the defining single concept of the new cosmological paradigm and it was simply a straight forward rational if precarious process for him and a few others to affirm it in the minds of others. When economists focus in microscopically and analyze the summing, ending and terminal expression point significances of the point of retail sale and craft a reality inverting direct and reciprocal monetary and pricing policy there…they can all become Galileo’s.

and that is contemplate the many and various aspects of the pinnacle wisdom and natural philosophical concept of grace….until they’ve self actualized them.

Then they’d have enough of the integratively wise mindset to drop any obsessive and arrogant allegiances they might have to theories with only particles of truth and that might be based on any lesser concept than that pinnacle one….and we could all graciously/joyfully proceed toward humanity’s adulthood instead of lingering in an enforced adolescence in the failed experiment of homo economicus also enforced by the more than 5000 year old paradigm of Debt Only.

Profit making systems are inherently innovative and competitive and that won’t change with Wisdomics-Gracenomics despite it having a publicly administered directly distributive financial system because it would still remain a profit making economic system.

As the natural philosophical concept of grace is an inherently wise as in integrative of opposites type one, regulatory encouragements and sanctions would naturally follow on from it, and any unbalanced fall away from such could be met with appropriately gracious as in benevolent and yet sovereignly powerful means of enforcement.

Sin taxation and profitable virtue encouraging incentives in whatever area any such imbalance in the economy occurs would be a rather straight forward rational and ethical process….so long as it abided by any other relevant aspects of the concept of grace as well.

There would be no crowding out with a non-profit public banking and financial system….because everyone and every enterprise could borrow at 0%.

It is true that any unethical on its face predatory and/or destabilizing speculative purposes would not be funded by a system based on grace. Such speculative efforts on the system proper would be immediately declared “null and void”, and the compulsive gamblers and hard core pornographic enterprises would have to go to the remaining investment banks and pay interest on already saved money and profits in order to fund themselves. And of course any such investment enterprises will be closely scrutinized by the system as well.

The new paradigm policies of a universal dividend and 50% discount/rebate would be the best way to encourage individual national development and thus would be the best and fastest way toward balanced trade as opposed to the mercantilism of presently dominating export platform nations.

As economic sin taxation is a philosophically aligned aspect of Wisdomics-Gracenomics the idea of a time gap filling mechanism in the meantime, like Keynes’ bancor system for international exchange to encourage balanced trade, could be a temporary and/or intermitent one.

1.  There will be a noticable and very beneficial uptick in consumption. It won’t be anywhere near a doubling of consumption/productive through put, because virtually no one will eat twice as much as they did before and not everyone will buy another house and a boat and two jet skies.
2.  People will save a lot more, and those that couldn’t save before will be able to do so easily now with the more than doubling of their potential purchasing power.
3. With the new paradigm policies saving will no longer be a macro-economic problem and conundrum.
4.  This will mean that many people will save for larger purchases they want that are not a part of the extended point of note signing 50% discount policy, and hence there will be less borrowing for such purchases.
5.  There will be a lot more actually productive investment/re-investment which will mean there is a lot more money in the actually productive part of the economy… instead of it going into mere pooling financial vehicles that largely take such money out of the flows of the economy.
6.   With the new publicly administered banking/central banking system there will be a lot less de-stabilizing speculative leveraging up on assets, absolutely no creation of idiotic derivative products (except perhaps by investment banks intermediating such bets by compulsive gamblers wanting to risk their own savings which being already saved money will no longer become potentially systemically risky debt obligations).

In other words the cosmos is not you and everything else in the cosmos separate in a duality. That is merely the apparency of normal walking around consciousness. However, the actual reality is that you and the cosmos contain and can be experienced via full consciousness as an essential oneness with and of each other including space and time, exactly as a hologram because the entirety of the image is contained in every part of the whole including space and time and so becomes apparently three demensional in its expression.