Excellent, excellent policy idea! "Systems were made for Man, not Man for systems" afterall. Private banking and the overwhelming bulk of financialization of the economy is simply a deceptive way of being dominated by same.

Reserves are actually gifts to the banking system....and direct gifts to the individual are their own reserves. A 50% Retail Discount/Rebate of that Discount back to the merchant giving it utilizinging the same accounting method by which banks create our money is another great idea. As everyone directly participates in retail sale a monetary policy at that point has macro-economic effects. That's actually a new macro-economic insight. Such a policy would simultaneously end inflation forever and immediately double everyone's purchasing power (You could also implement an income sliding scale requirement that such new purchasing power be invested in industrial pursuits and/or treasuries of between 0-95% thus curbing any great increase in consumption.) With the ending of inflation you could shut the mouth of every conservative, neo-classical and libertarian pundit espousing fiscal austerity and enable the kind of deficits that could really kick start the research and development necessary to confront climate change.

A 50% debt jubilee policy at point of loan signing would downsize the power and ability of private banking to dominate everyone and every other actually legitimate business model with inevitable private debt build up. A debt jubilee is a good idea, integrating debt jubilee/Monetary Gifting directly and continuously into the the economic process is paradigm changing.

All of your work, MMT, Ann Pettifor's Financialization Hypothesis, UBI, Public Banking, Hudson's Financial Parasitism and Graeber's history of debt conceptually and intentionally align with Monetary Gifting. It's just that we need to fully awaken to that new operant applied/paradigm concept and how it would better enable the goals of each separate movement.

We should largely ignore the current authorities. We need a new mass movement about the new paradigm and its policies communicating its benefits directly to the individual that would herd the neo-classicals and the entire political apparatus toward the new paradigm and ecological sanity it would enable.

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Well said, Steve.

The president is 'ex officio' at the Federal Reserve. The only reason we have this predatory financial system is because he wants it that way.

The financial toadies around him can't even stop crypto when we know technology is fully gamed.

As an old boss once told me, Michael, "finance is the world's second oldest profession."

At least they're backing depositors today.

We're getting there!


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