Bgrinna,

I would argue the opportunity to change the assumptions built into the nature of money will be brought on by the Fed’s actions over the last thirty three years. When the system is flooded with capital and the resulting inflation/excess money, is mostly kept to the asset/investment side of the equation, assets are drained out of the broader economy, into fewer hands. It’s called predatory lending, when it’s poor people and disaster capitalism, when it’s second and third world countries. When the money is squeezed out of the regular economy, people and small companies, as well as small countries, can’t keep money effectively flowing through their lives, businesses, economies, etc, then go into debt and have to sell off assets to pay them. While those who can access as much money as they need, buy them up.

If we thought of money and finance as public utilities, like blood and the arteries are to support the entire body, not just give the heart control, it would change how they are viewed. If it was understood this lubricant had to flow through the entire economy and large reservoirs were not to be considered as private, but stored for the health of the economy, then people would have to save their wealth in those assets, not in money and the financial sector. Tax out the excess, not just borrow it.

Thinking of the financial system as a way to store notational value and not just a utility, like government, gives it that power over the society. The managers prey on the economy, to feed their investors and everyone thinks it is necessary, as a way to save. Though we really just feed the beast.

As I argued, government was private originally, but when kings lost sight of the fact they served a function to the entire community, no matter how poorly managed and couldn’t simply prey on it, they were replaced by government as a public utility. Finance is now having its Marie Antionette moment.

They are the head and heart of society.

Regards,

John