The way to do that is to (i) bring back high rates of marginal taxation (because they make the pursuit of high incomes possible, and lobbying to make that both possible and easy a core activity), (ii) separate completely and hermetically regulated utility banking from the unregulated gambling/"investment" kind (break up the existing behemoths accordingly, identify regulated activities and send to prison anyone that does unregulated activities within a regulated entity), (iii) put up enough money for regulators to attract capable people (and fordid them from ever going to work for the industry they regulate), (iv) provide enough public money to fund political parties and campaigns so as to make private money irrelevant, (v) break up media groups.
The system's fucked. Kaput. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Now, it's too late, as you note. which means that the government has to grab the whole industry, take the bits of infrastructure that are vital, put it in a shape that can survive, call that the utility bit, regulate it stringently, and let the rest to its sorry fate. In the long run, we're all dead. John Maynard Keynes
How many Barrels and Btu's has the G7? The G7's creditors are not just going to press the reset button if there is a viable alternative, and I happen to believe that there actually is.
I think that the era of the middleman is over: Humpty Dumpty simply cannot be put back together again. We need a 21st Century solution to a 21st century problem, and I am quite sure this is already emerging. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
It's that they are likely not to put their new (or remaining) cash into Western financial institutions.
Exactly.
Why should they accept $, € and £ in exchange for something with actual worth? "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
This makes no sense - but since most of us live in the West, I'd suggest that perhaps it's better than the alternative.
Pretty near everything on the Eurasian continent east of the Urals has no hope of feeding itself. Crash the global financial system and the global trade in coarse grains and other foodstuffs crashes.
