Greider: prevent institutionalization of the corporate state | 27 comments (27 topical, editorial, 0 hidden)

I think that the only answer now is full nationalization of the banking sector.

Anything that's too big to fail is collected into a new Bank of the United States, which is safeguarded until it is out of the danger zone.

And even once the bank is strong enough to stand on its own, things like credit futures, and control of the electronic credit system (debit cars, etc.) should be permanent. If the government is expected to pick up the bill when things fall down, why shouldn't it just operate all the time, and covert any profits into government revenue. Not to mention that control over electronic transfers would give tax authories a wealth of information that could be used to prosecute tax cheats.

As for the local branches, why not mutualize them, and limit their scope to a single state?

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg

by ManfromMiddletown (manfrommiddletown at lycos dot com) on Sat Mar 28th, 2009 at 11:05:13 AM EST
[ Parent ]

Re: Greider: (4.00 / 2)

Here's a variation on the nationalisation theme.

Open Treasury Branches all over the place and have them issue credits interest-free.

This issue would be managed by service-providers-formerly-known-as-Banks within parameters set by local communities, within area and regional policy frameworks.

Then collect from sellers and buyers generally (who rely on this credit for their working capital) a "guarantee charge" which is pooled, and from which the service provider is paid. Some of this could go into area and regional pools by way of reinsurance.

Long term credit in relation to completed productive assets is another story.....that's where service providers bring together investors with unitised investments.

Interesting historical touch in Alberta.....

ATB Financial - Wikipedia, the free encyclopedia

ATB was created by the first Social Credit ministry under William Aberhart in 1938, after earlier attempts to place Alberta's banks under the provincial government's control were thwarted by the federal government. The first Alberta Treasury Branch was opened in Rocky Mountain House on September 29 of that year. ATB is the most significant surviving remnant of social credit economic policies in Alberta.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sat Mar 28th, 2009 at 01:03:56 PM EST
[ Parent ]

Re: Greider: (none / 1)

the thing that concerns me is that there are a lot of good ideas being discussed here and elsewhere. Yet, because they do not include survival of the status quo, they simply do not feature in the discussions of Serious People. Obama himself has said he has no time (read contempt) for solutions emerging on blogs (ie Krugman et al), which seems to me that his thinking is being heavily guided by the Establishment voices he carefully selected to surround him.

Back to the status quo ante plus a smidgeon of regulation to gloss over the colossal implosion seems to be the preferred solution. All of the arguments are about how little new regulation they can get away with and still pretend they've innoculated the system against stupidity. There are no new ideas, casino capitalism did not fail, nothing to see here folks, move on, move on.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Mar 30th, 2009 at 10:04:50 AM EST
[ Parent ]

Re: Greider: (none / 0)

They do this at their peril. The harder they'll fall...

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Migeru (migeru at eurotrib dot com) on Mon Mar 30th, 2009 at 10:18:17 AM EST
[ Parent ]

Greider: prevent institutionalization of the corporate state | 27 comments (27 topical, 0 editorial, 0 hidden)

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