I have run the idea of the legal ownership of money past a number of the people that have been responsible for my own awakening. But I have received no response at all.
The idea is getting no milage at all.
Yet, I don’t see how this concept is not the lynchpin of the entire construct.
The Kenynesians decry the glut of savings and argue for greater state intervention and centralisation. The Austrians decry the debasement of the currency and decry state intervention and the centralisation of power.
Neither theory however, takes into account the fundamental asymmetrical exchange brought about by the unilateral ownership of the currency.
Of course, the Austrians are closer to the mark because in advocating sound money they effectively advocate greater power for individuals and entities to freely interact. But as far as I can tell, even Austrians are not explicitly in favour of full unencumbered ownership of money by society.
The nature of money is the single fundamental construct upon which everything else is built. Politics, taxation, Collateralised Debt Obligations or Credit Default Swaps are all derivatives of the nature of money. Politics does not influence the nature of money but rather exploits it. Similarly, fiscality or any of the fancy credit instruments mentioned above, have no bearing on the nature of money. Quite the contrary rather. They exploit it.
Politics could of course take the upper hand in advocating a different monetary system. This would entail however taking some rather uncomfortable if not dangerous positions against rather powerful and entrenched interests.
In my view therefore, the fundamental reality of the exchange of something we own outright for something we do not own and owe interest on, is the ultimate driver of all political, economic and social development.
Not only that.
But the continuous exchange of something that is intrinsically valuable (skills, ideas and time) for something that arithmetically does not maintain its original value of exchange (money), must arithmetically and necessarily result in the concentration of wealth in the hands of the ultimate owner of the currency. Thus this is a dynamic that can only result in the concentration of power and the full dependence of society on a progressively ever more pervasive and obtrusive state with all the concomitant ramifications regarding personal liberty that entails.
The ultimate owner of the currency has successfully drawn a boundary around society. Regardless of what happens within that boundary at the political, economic or social levels, the owner of the currency will always and everywhere expand the amount of money and credit in circulation. Thus, regardless of what happens within the boundary, the owner of the currency will enjoy an increasing revenue stream fuelled by compound interest calculated on an ever increasing quantity of money and credit.
This monetary construct therefore, thoroughly neutralises the political process. Political infighting between the right, the center and the left is therefore but a distraction, albeit a very useful distraction. In fact, the greater the political polarisation becomes and the more complex regulation and fiscality become, the greater is the resultant revenue stream for the ultimate owner of the currency.
In this context, wars, famines, humanitarian interventions, economic depressions, unemployment and crisis are an absolute manna for the ultimate owner of the currency who stands to gain regardless the underlying conditions. The greater the activity, the more strident the politics and the larger the dislocation, the greater the revenue stream becomes for the ultimate owner of the currency.
This monetary system is arithmetically skewed to impoverish. It cannot be otherwise. Granted the time line may be rather long but the result is arithmetically inevitable and preordained.
This monetary system cannot contemplate prosperity for all because this would inherently distribute profit in the hands of the many.
The arithmetic of this monetary system are geared towards concentration. Politics has no bearing whatsoever in changing this fundamental dynamic. Politics only serve to bring about ever greater regulation, intervention and complexity thus driving ever greater profits towards the owner of the currency. And the evidence is everywhere.