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Rather than basing our economy upon deficit - ie claims over Value - I advocate basing it upon Value, such as land rental value, labour value, and particularly in this context, energy value.

Martin:

Instead of [launch a massive plan to subsidize ...]
- implement a serious taxation of oil in any form....

I agree that the energy value of non-renewables - particularly carbon-based fuels - should be subject to a massive levy - a compulsory investment - into Renewable Energy investment pools.

The reluctant investors would receive redeemable Units exchangeable for production of renewable energy from projects financed or the value of energy savings from investment in energy efficiency. This would soon become a de facto energy currency.

Martin:

Instead of [reinforce efforts to build renewable energy plants...]
- put a carbon cap and trade system into place.

The carbon in CO2 has no value in exchange other than that politically attributed and allocated.

The energy value of carbon is established millions of times a day in exchange transactions.

CO2 based schemes are "deficit-based" and most are supported - if not originated - by the very same people who brought us the "Credit Crunch".

Martin:

Investment in rails is great.

Agreed. But let's try new ways of actually "investing".

Martin:

For the banking system: I think a Tobin Tax is the best regulation.
Making assets a bit more illiquid will help investors to look if the investment is fundamentally good. Otherwise it is like letting a million people estimating the length of the emperor's nose, who have never seen him. It gives a great statistical accuracy without real information and stabilises the system as hole without perfect regulation for every single market:

I believe a "Value Transfer Tax" applied at the clearing level is part of the solution.

But it requires a new clearing system to have any chance of achieving it. I have always thought the Tobin "liquidity" argument to be fundamentally misconceived. For me, a VTT would operate to cover clearing system costs, provide for a mutual guarantee of bilateral credit for any necessary development, and allow universal access to credit.

Moreover, it addresses only value in circulation: not "wealth" such as property in land.

The other necessary taxes/ levies are IMHO taxes upon the privilege of exclusive private use of "Commons". We have already addressed the Commons of non-renewable energy. I would add to it a tax on land rental value (cf Henry George's "Single Tax"), through domestic investment giving rise to monetary units based on land rental values.

As for bank regulation, most of the problems would disappear if and when banks cease to create credit (having been dis-intermediated) and become service providers.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri May 9th, 2008 at 06:22:10 PM EST
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