KWOD Who Supports It?

To: pae_news@btinternet.com

In Issue 39, Post-Autistic Economics Review, Ron Morrison wrote:

"When government once again shares the money supply 50/50 with the banks we can reduce the tax burden and finance needed public services. Nowadays, Wall Street and roads in London’s City are not paved with gold but with paper and computer chips. The money supply is all to do with business and maximising shareholder value — nothing to do with benefiting the community. It is the road out of a mixed economy into a frightening new world order where money buys power, both political and military. We need an alternative route. It's sign posted — Keynes Without Debt."

In these few words Morrison has pointed to a functional finance solution to re-establishing political democracy capable of introducing economic democracy too.

'Money Power' protects itself from middle class voters by turning the latter against its own government.

'Tax and Spend' (on a road to serfdom) is the chant that attacks the welfare state and prevents economic democracy — as defined in the Second Bill of Rights spoken by President Franklin Roosevelt on January 11, 1944.

'Keynes without debt' implies that computational expertise and fiat money in this new century can establish, as necessary, cost and sell prices that are affordable to wage earners — even though wages must be less than sales — and profits must motivate engineering and logistical genius and excellence.

The difference between wages as a primary source of consumer purchasing power, and sales that sustain profitable growth, can be negative wage taxation (or wage subsidies in other words) — in an economy that conforms to 'Keynes without debt' liquidity concerns and attracts adequate savings that reflect waiting until the price is right.

Advertising, as we know it, will have to promote as much waiting as shopping, and otherwise recognize the need for prosperity (painted in green) in the long run, as well as, the short.

Post-Autistic Economics is about results, as well as logical thought; and it is about money, as well as academic honesty and pluralism.

Yet the emphasis on money that is missing (absent without leave) — in the struggle for peace and freedom called for by Keynes and Morrison (and countless others) — is treated as only a matter of opinion in PAER.

Our most admired heterodox academic economists have a level of doubt about it not much below their kin in the academy — who demand 'only credit' as 'money'.

John Gelles
http://www.ustaxreform.us

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