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"Left-vs.-Right" is not the only false paradigm!

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Author Topic: "Left-vs.-Right" is not the only false paradigm!  (Read 4886 times)
Bad Penny
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« on: August 26, 2010, 04:57:18 am »


(I'm the former William Rausch, if you remember that handle from PPF.)

An excellent piece!  I, myself, come from a working-class background, specifically from the highly Socialist city of Milwaukee.

I definitely agree with the idea of a social safety net, and even more with the idea of a living wage that allows the common working man to live a life sufficient to reflect the respectability which his labor has earned him, and to allow him sufficient leisure time to develop his intellectual, artistic, and/or craftsmanship skills to the utter extent of his talent.  Such should absolutely allow him to participate in public affairs as a significant and important citizen.  (Unlike the famous XIX-Century Boston fire chief John Damrell whose proposals for fire safety were rejected out of hand by the city fathers on the basis of his being the son of a mere mechanic, ineligible to suggest policy to the high-born Boston Brahmans (who are, in truth, descended from Channel Island serfs who lost a rebellion in the 1600's, but who managed to pass themselves off as upper-class folk in early Boston on the basis of their command of the French language and their Norman surnames ( Cabot, Lowell, Lodge)).) 

In particular, I believe that there is definitely a place for a fiat currency, as I believe that fiat currency, carefully apportioned to allow economic growth without any undue inflationary effect, is, in fact, commodity-based, with the commodity being faith in the issuing society's economic future, which I believe to be as quantifiable and accountable a commodity as goodwill on a business balance sheet.  (In fact, it's really very easy to calculate: in times of economic growth, just issue enough fiat currency to prevent deflation (see the economic history of Colonial America, with particular reference to Queen Anne's monetary reform).

The problem that this creates: how to prevent a deflationary tailspin in times of economic stagnation or downturn, when faith in the society's economic future (i.e., the commodity basis of carefully apportioned fiat currency) will have disappeared.  At this point, civic investment funded by debt instruments may restore faith in the future, and, thus, kill the deflationary monster.

I'm working out the math for this now, but, like every ultimate solution to economic problems, my own idea appears to me to be a total crapshoot.

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Are you taking over?
Or are you taking orders?
I ain't going backwards!
We're going only forwards!

The Clash, White Riot

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