Government, as executive and regulatory function, is analogous to a nervous system, while money and banking mirror blood and the circulation system of a society. One synchronizes the community into a functional unit, while the other harmonizes energy around the body.
With public government and private banking, the banks rule, given less oversight, not having to plan around election cycles and ability to control the finances of anyone presuming to run for office.
Consequently it has reached the point the only real job the flunkies allowed in office have, is to run up the debt the banks need to function.
People are linear, goal oriented creatures in a cyclical , circular, reciprocal, feedback generated reality, so while people see money as signal to save and store, markets need it to circulate.
Consequently Econ 101 refers to money as both medium of exchange and store of value(as well as price setting mechanism). Yet a medium is dynamic, while a store is static. Blood is a medium, while fat is a store. Roads are a medium, parking lots are a store. The hallway is a medium, the hall closet is a store.
While we assume it to be a commodity, it functions as a contract, so to store the asset side of the ledger, a debt is required on the other side.
The secret sauce of capitalism is public debt backing private wealth.
Capitalism is not synonymous with a free market. If the medium enabling markets is privately held, we are all tenant farmers to the banks.
As a medium, we own money like we own the section of road we are using, or the air and water flowing through our bodies. It's not our picture on it, we don't hold the copyrights and most importantly, are not personally responsible for its value, like a personal check. It has to be recognized as a form of public utility and controlled as one. That would mean taxing out excess, rather than borrowing it out. Which is how inflation has largely been controlled.
Michael Hudson has been writing a series of books on how this tension between government and finance has played out through history;
Russia and China have effectively gone back to private forms of government, expressly to control the oligarchs, with Putin and Xi as respective CEO's.
So either we will have to move onto banking as a public utility, like government, or we too will have to go back to a more centralized, privatized form of government.
