The Digger

" The whole focus of classical economics is to tax wealth not income, and obviously, the tax burden was going to fall on the wealthy, on the landlords first and foremost, then on the bankers and then on the monopolists. That was what socialism was, the idea of creating an economy with a circular flow that the taxes would be paid by the wealthy and the government would use this tax revenue to spend on infrastructure, schools, productive credit to help the economy and to make economies more competitive. It seems that in that sense socialism was going to be the most efficient capitalist economy." Two interviews with Bonnie Faulkner of Guns and Butter: "You can’t bail out the banks, leave the debts in place, and rescue the economy. It’s a zero-sum game. Somebody has to lose. That’s what happened in 2009 when President Obama came in. He invited the bankers to the White House and he said, “ I’m the only guy standing between you and the mob with pitchforks,” by whic...

Link:   Democratizing Money To make a fiat currency work we may need something like an Ethical New Deal to clarify the principles behind any Green New Deal. Who should issue money? Who should get it? Why? Excerpt: "Most people don’t realize that the government does not issue money; the private banking system does, by issuing loans at interest. The last time the government issued money in any quantity was during the Civil War, when so-called greenbacks were printed by the Treasury department to pay for the war. Greenbacks were not debt, but direct currency printed to give government contractors money for the goods and services provided, which they then spent into the general economy, stimulating commerce. Greenbacks were very successful; issued responsibly, only as needed, they made it possible to finance the war without onerous debt or inflation. After the war, however, private banks fought hard to eliminate greenbacks, and finally succeeded. They did not want their ne...