In contrast to its attitude to private debt, which it ignores, mainstream economics obsesses about government debt. But this volte-face doesn't besmirch its record of being 100% wrong. This is the first half of chapter nine of my draft book Rebuilding Economics from the Top Down
"I will explain this very, very slowly. It may be tedious to read—it was tedious to write!"
Good to adopt this approach, Steve, since what we have here is a political problem, not an economics one- hence it needs to be relatable to non-economists.
Ordinary people are the ones that cast votes at elections, and they are the ones that need to understand that government spending isn't a vampire sucking money out of the economy- the austerity policies of neocon government is.
It's not for no good reason that this misunderstanding prevails:
The political point of the false austerity narrative is that it's an easy sell to ordinary people, whose experience is of budgeting their household, or their business-' when under duress, stop spending'.
The political class of the right successfully tap into this. You have previously said to me that you believe misunderstanding by mainstream economists is the problem. I say to you that mainstream economists are political actors that deliberately pursue a false narrative designed to shrink the capacity of government to perform its proper function in favour of the dominance of private wealth, notwithstanding the misery and degradation both personal and ecological that ensues from their allegiance. They are the priesthood of the official state religion of global financial capitalism.
I live in a small country town in NZ. I'm constantly trying to explain this stuff to people that didn't really want to be in school, but still have the vote, but what chance do I have when even the NZ Labour Party don't get how simple it is?
Reckon de-dollarisation and (hopefully Aug 2024) the emergence of a new BRICS+ global reserve currency might get us out of this hegemony to Wall St / City of London / Frankfurt rules, and into something more real. Bet my shirt NZ & Aus will nail their flags to the sinking ship though.
They are (the priesthood), but like most priests they actually believe that their god exists. They are political by accident, but it's an accident that very much suits the rich.
Well said. Simple solution: Take math away from the high priests (because it's not sensitive enough for the social context of modern capitalism) and whole tissue of lies falls asunder. MR
Do The Simple Math and The Equally Simple, Deep and Resolving Wisdom Insight
Steve Hummel
Writes Wisdomics-Gracenomics: The New …
11 hrs ago
Do The Simple Math and The Equally Simple, Deep and Resolving Wisdom Insight
If you do the simple math of a 50% Discount/Rebate policy at retail sale (the discount immediately doubles everyone's purchasing power, will greatly increase demand for virtually every enterprise without costing them a cent and resigns inflation to the dust bin of history while the accounting rebate back to the merchant makes them whole on their price, and then realize that the concept behind the new monetary paradigm is also the pinnacle concept of Wisdom namely grace as in the active form and expression of love, you begin to see the wider efficacy of what could become a mega-paradigm change for humanity. Like making going to the Mall a serial opportunity to feel/experience gratitude...instead of anger, resentment, cynicism and apathy. Just visualize an economy based monetarily and conceptually on grace for a moment and then realize another deep resolving simplicity like "As a man thinketh, so is he."
Who'd a thunk that economics, accounting and the money system wed to Wisdom might be the means of the breakthrough that both rejuvenated profit making economic systems and enabled it and ourselves to ethically ascend as well? Number of times thought translates into self actualized reality after all.
All one really needs to do is keep looking at the beneficial temporal universe and mathematical realities of such policies while also opening yourself up to looking at the benefits of aligning the economy with the relevant aspect of the deep, integrative and resolving simplicity of the concept of grace as in Gifting...until you break through any and all of the orthodoxies that new paradigms historically have always destroyed.
Oh, and finally realize that all a new paradigm really needs to win the day is a platform that clearly communicates its benefits.
All of that accounting and conclusions are valid of course....under the current paradigm for the creation and distribution of new money known as Debt ONLY. However, all it takes is integrating the new monetary paradigm of Direct and Reciprocal Monetary Gifting strategically into the Debt Only system in a way that directly, individually and universally benefits both individual and commercial agents (at retail sale and the point of loan signing with debit and credit Gifting of 25-50%. Doesn't mean debt will be banished, just reduced enough to stop the inevitable debt deflationary crises we see occurring increasingly often. All you need to do is alter the FED's charter to rebate the various discounts of the policies of the new paradigm back to the agent giving them.
If you can't sell immediately and continually doubling everybody's purchasing power, potentially doubling the demand for every enterprise's goods and services and the absolute end of inflation with a 50% Discount/Rebate policy at retail sale and reducing the amount borrowed by another 25-50% at loan signing with a similar application of accounting...you better get out of the politician, pundit or policy making business.
"I will explain this very, very slowly. It may be tedious to read—it was tedious to write!"
Good to adopt this approach, Steve, since what we have here is a political problem, not an economics one- hence it needs to be relatable to non-economists.
Ordinary people are the ones that cast votes at elections, and they are the ones that need to understand that government spending isn't a vampire sucking money out of the economy- the austerity policies of neocon government is.
It's not for no good reason that this misunderstanding prevails:
The political point of the false austerity narrative is that it's an easy sell to ordinary people, whose experience is of budgeting their household, or their business-' when under duress, stop spending'.
The political class of the right successfully tap into this. You have previously said to me that you believe misunderstanding by mainstream economists is the problem. I say to you that mainstream economists are political actors that deliberately pursue a false narrative designed to shrink the capacity of government to perform its proper function in favour of the dominance of private wealth, notwithstanding the misery and degradation both personal and ecological that ensues from their allegiance. They are the priesthood of the official state religion of global financial capitalism.
I live in a small country town in NZ. I'm constantly trying to explain this stuff to people that didn't really want to be in school, but still have the vote, but what chance do I have when even the NZ Labour Party don't get how simple it is?
Reckon de-dollarisation and (hopefully Aug 2024) the emergence of a new BRICS+ global reserve currency might get us out of this hegemony to Wall St / City of London / Frankfurt rules, and into something more real. Bet my shirt NZ & Aus will nail their flags to the sinking ship though.
They are (the priesthood), but like most priests they actually believe that their god exists. They are political by accident, but it's an accident that very much suits the rich.
Well said. Simple solution: Take math away from the high priests (because it's not sensitive enough for the social context of modern capitalism) and whole tissue of lies falls asunder. MR
Do The Simple Math and The Equally Simple, Deep and Resolving Wisdom Insight
Steve Hummel
Writes Wisdomics-Gracenomics: The New …
11 hrs ago
Do The Simple Math and The Equally Simple, Deep and Resolving Wisdom Insight
If you do the simple math of a 50% Discount/Rebate policy at retail sale (the discount immediately doubles everyone's purchasing power, will greatly increase demand for virtually every enterprise without costing them a cent and resigns inflation to the dust bin of history while the accounting rebate back to the merchant makes them whole on their price, and then realize that the concept behind the new monetary paradigm is also the pinnacle concept of Wisdom namely grace as in the active form and expression of love, you begin to see the wider efficacy of what could become a mega-paradigm change for humanity. Like making going to the Mall a serial opportunity to feel/experience gratitude...instead of anger, resentment, cynicism and apathy. Just visualize an economy based monetarily and conceptually on grace for a moment and then realize another deep resolving simplicity like "As a man thinketh, so is he."
Who'd a thunk that economics, accounting and the money system wed to Wisdom might be the means of the breakthrough that both rejuvenated profit making economic systems and enabled it and ourselves to ethically ascend as well? Number of times thought translates into self actualized reality after all.
All one really needs to do is keep looking at the beneficial temporal universe and mathematical realities of such policies while also opening yourself up to looking at the benefits of aligning the economy with the relevant aspect of the deep, integrative and resolving simplicity of the concept of grace as in Gifting...until you break through any and all of the orthodoxies that new paradigms historically have always destroyed.
Oh, and finally realize that all a new paradigm really needs to win the day is a platform that clearly communicates its benefits.
All of that accounting and conclusions are valid of course....under the current paradigm for the creation and distribution of new money known as Debt ONLY. However, all it takes is integrating the new monetary paradigm of Direct and Reciprocal Monetary Gifting strategically into the Debt Only system in a way that directly, individually and universally benefits both individual and commercial agents (at retail sale and the point of loan signing with debit and credit Gifting of 25-50%. Doesn't mean debt will be banished, just reduced enough to stop the inevitable debt deflationary crises we see occurring increasingly often. All you need to do is alter the FED's charter to rebate the various discounts of the policies of the new paradigm back to the agent giving them.
If you can't sell immediately and continually doubling everybody's purchasing power, potentially doubling the demand for every enterprise's goods and services and the absolute end of inflation with a 50% Discount/Rebate policy at retail sale and reducing the amount borrowed by another 25-50% at loan signing with a similar application of accounting...you better get out of the politician, pundit or policy making business.