The fact is that society needs a monetary system, in order to function. It is the social contract that enables mass societies to exist.
The problem is that while it does function as the quintessential public utility, we assume it to be private property. A commodity to mine from society.
The functionality of money is its fungibility. We own it like we own the section of road we are using, or the fluids passing though our bodies.
Econ 101 says it is both medium of exchange and store of value, but a medium is dynamic, while a store is static. Blood is a medium, fat is a store.
Since it functions as a contract, the asset has to be backed by a debt. What gets ignored is that the financial system could not function, without the government borrowing up trillions in surplus investment money.
The secret sauce of capitalism is that public debt backs private wealth.
Not to mention that austerity causes the normal economy to create more debt, drawing the saved money back into circulation.
Given that it is a medium, then it needs to be regulated as such and that means reservoirs of surplus capital are unnecssary and dangerous.
Which means the first proposal should be for the government to tax out what it currently borrows.
While this might seem extremely destructive, the intent would be to force people to face up to the fact that money is a public utility, like roads.
Then people will start finding other ways to store value. Possibly resurrecting the concept of the commons, as a store of value and not just resources to be mined. Which would likely include local monetary systems.
There simply isn't the investment potential to save the amounts necessary for a stable society.
We need to respect money more and desire it less.
Government, as the executive and regulatory function of society, was private once, but as monarchs outlasted their function, they were usurped. Now banking is having its own, "Let them eat cake." moment.
Not that they would be one, anymore than the nervous system and the circulation system are one. Printing excess money is a sugar high and needs more restraint then politicians are able.
While we are social creatures, we really haven't considered the organic mechanisms involved.
