it's time to make bankers personally liable for the deals they get their banks into and that go wrong whether financially, legally, or at the very least reputationally;
Banks as credit intermediaries are obsolete, and will be replaced by banks as service providers:
(a) managing bilateral creation of "trade" credit, backed by a mutually owned guarantee/default fund;
(b) bringing together investors in productive assets with investment in productive assets, using more efficient legal vehicles than the current nonsense.
it's high time to restore punitive marginal rates of taxation, to dissuade short termist wealh capture and profiteering
No. It's time to tax privileges such as private property in Commons such as land and therefore to redistribute Capital and unearned income.
it's high time to create a separate funding mechanism for the military, based exclusively on fuel taxation
It's certainly time for massive fuel taxation, to be deployed in the fight for alternative energy and the fight for clean water.
Redeployment of massive military R & D budgets to such a fight would be fine with the corporations provided they thought they could make a profit out of it. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
That's what I'm proposing: scaleable "Pools" of property rentals, renewable energy and so on bounded by simple partnership-based protocols.
The models I am putting forward are an order of magnitude simpler, and without the conflicts,than what we have now. But there's no money in simplicity is there?
Just to reiterate:
1/ Hold bare "ownership" of assets in trust (already the case - the stock market can't operate without custodians such as Northern Trust).
2/ Divide the flow of production and/or revenues from these assets into proportional shares=units.
3/ Find investors in these units.
It's that simple, and it's already being done, imperfectly, in Canada on a massive scale. ie Income Trusts
The Blackstone IPO (units in a Limited Partnership) was essentially another (imperfect) form of the same structure.
Why risk capital by creating credit based upon it Jerome? You REALLY don't need to. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
On this, I am in full agreement with you. But it is not incompatible with high marginal income tax rates. I suppose it depends whether taxes on rent would be enough for all public spending needs. In the long run, we're all dead. John Maynard Keynes
Friedman himself took this
The least bad tax is the property tax on the unimproved value of land - the Henry George argument of many, many years ago
view... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
What's wrong with a punitive super-tax rate on high-end capital gains, and closing tax loopholes to make offshoring and other avoidance scams - like leveraged buyouts - very much less profitable?
If Wolf and Friedman are for it, it's unlikely to be a good idea
Even broken clocks are right twice a day...
Great in principle, but not easy in practice.
The beauty about land value taxation is that land, unlike people, is not mobile. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
