John, present day Austrians are in many ways warped versions of the ideas originally expressed by Hayek and Schumpeter. I completely agree that present day Austrians deserve little or no credit for economic insight at all. However, if you watch a recent youtube video by Steve Keen (url to follow) you can see that many of the ideas expressed by Hayek and Schumpeter are actually expressions of the aspects of the natural psychological expression of the experience of Grace. Now, having said that, Austrianism, even as Hayek conceived it, is still mere economics because it misses the Social Credit insight that the most basic problems of the economic and monetary systems is that they create a scarcity of actually available individual incomes in ratio to total costs/and so total consumer prices. Social Credit’s two mechanisms of the dividend and retail discount…being the economic and monetary equivalents of monetary grace the free gift/Gifting are what would set both the individual free and make the system free flowing as well. Present day Austrianism is actually the perfect expression of the latin phrase demon est deus inversus, i.e. the devil is God upside down. As for socialism, I have absolutely no qualms with its intentions which are a more equitable economic democracy, but as a RE-distributed scarcity still remains a scarcity…it does not solve the deepest actual problem of the economy. It takes a gracious and costless Distributive gift to accomplish that.

Can we talk about a concept I raised over on Ellen’s group which is a true trinitarian model for Banking/Finance?

One of the largest forms of humor is what is referred to as “the reversal” where one reality is expressed followed by an absurd, exaggerated or satirical  restatement/comparison followed by laughter. So how is this a trinity?  Well let’s put it in the Cosmic/Wisdom Code formula  [ (conventional reality X absurd or exaggerated reality) X  laughter ]  You could also insert moment of release in place of laughter which is what laughter actually is.  Laughter/release is very therapeutic of course and the integration/bringing together/conscious remembering-re-experiencing of a negative experience is what is referred to as abreaction therapy after which the neurotic mental and emotional  state under review lessens or is completely resolved. This is also the trinity of:

[ (past negative experience X present time re-examination) X  release of emotion and relief/resolution of  neurosis ]

Stuart:  The big problem with any such plan is getting it put into action, isn’t it? The what part of the problem seems to me to be fairly easy, but of course the rub there is getting a meaningful consensus behind it. I have been wrestling with this Gordian knot for years, and still haven’t found a workable solution to the how part of the problem.

Me:  I thought Adrian’s essay was very good also.

Perhaps we should look for natural alliances like an alliance of small to medium sized businesses and consumers both of whom have an interest in having a continual and yet balanced flow of purchasing power in the economy and in their hands. Or maybe an alliance of Public Banking and Social Credit both of which would like to see private Banking/Finance not killed but de-toothed, dethroned and maybe neutered. Maybe consult my trinitarian model for Banking/Finance on another thread for a plan to do that.

Yes I agree humility and an ethic of graciousness and willing integration regarding economics and monetary system theories is exactly what is called for. That’s actually true for virtually every intellectual pursuit. With all due humility 🙂 , as integration is the very process of Wisdom, and Wisdom has millenially been valued as the best guide for both self development and outward policy…its pinnacle concept would seem to be the most personally edifying and systemically excellent and functional “thing” to contemplate. All of the World’s major Wisdom traditions speak of a graceful oneness and flow. Perhaps thoroughly integrating the psychological aspects of grace would give us a Wisdomics or Gracenomics instead of a fragmented and overly contentious mere economics and money system.

Any MMTers here ever thought of creating a financial account where you’ve credited  the value of our heritage of productive capability and the total of the communal nature  our national assets and then debited those never extinguished assets into the bank accounts of individuals on a monthly dividend basis?  As I said MMT is Social Credit for the government…which is all well and good, but why not extend its policies all the way to the individual???

Andy:   Steve. Isn’t it an asset debit on the State’s books ?

Me:  Yes, it is an asset account so it probably is a normal balance of Debit. I stand corrected. Hopefully however, it is soon administered by a new and fourth branch of government whose strict policy mandate is the the immanent freedom of the individual and the continual free flowingness of the economy via universal dividend and compensated retail discount mechanisms. That way we’ll have a lot less problems with Financial and/or large corporate interests being able to thwart and destroy it. That would also eliminate most of the idiocies of unconscious and overly ambitious pols meddling in affairs they are extremely slow to pick up on and/or disinclined to advocate because they need campaign funds mostly provided by those bad actors.

If one wants to actually perceive the truth they must be open to looking at it directly instead of relating to it via some abstraction and/or orthodoxy which will inevitably pull in counter considerations and drop one back into the contentiousness of Duality. This is the meaning of Christ’s admonitions that “Ye must be born again.” and “Ye must become as little children.”

The only way to counter this Dualistic tendency and its resulting confusion and mental exhaustion is to embrace an ethic of looking, integration and dedication to truth while also valuing the experience of all of these over getting all of the abstractions figured out, lined up and “believed in by all the right people”. And actually “geting it all figured out” is just fine to, but if one doesn’t have their priorities straight and well understood they’re liable to never actually EXPERIENCE the truth and end up becoming an economist, realist, religionist, politician or worse yet a pundit of any of these. We’re all “believers”, it’s just that most of us believe in some abstract particle of truth mixed with untruth instead of the conscious and direct experience of truth itself. This is also why the formula of Trinity-Unity including and encompassing an integrated Duality, which is actually an ethic of continual integration is the full, complete and continuing truth….because it includes all realities and considerations, but gives priority to consciousness/direct experience.

Neil:  “Given enough time they might come round to a more “MMT-compatible” policy-position”

They won’t. The ‘advisory committee’ is dyed in the wool Neo Keynesian. Blanchflower is talking about NGDP targeting for example.

That committee is a group of political lobbyists in the ‘expert’ field whose job is to squash any discussion of actual alternatives to the status quo banker/finance led position they espouse. Which means you have to get to the point where that fails catastrophically before there will be any more change.

@ Neil,

Precisely why we require a mass movement allying small and medium sized businesses and consumers (there’s a nice little constituency for you) that shows how an integration of MMT, Public Banking and Social Credit is in both their interests and the agenda that will bring free flowingness to the economy as well. That way you can better control/ignore the negative spin and just keep “pouring on the coal” of a resonating and genuine hope.

Manifestations and Experiences:

Palpable space, newness of “old” experiences, vibrancy of any and all experiences, effortless focus on the present, calm, interest and interestingness of anything and everything, oneness with the environment, love and compassion, a graceful, gracious flow of these experiences through Time, and an experience of both beingness and becomingness…at the same time.