The ABS published a scorecard on the Australian economy and we discuss the results.
Some Hard Facts About The Australian Economy
One thought on “Some Hard Facts About The Australian Economy”
Leave a Reply
You must be logged in to post a comment.
Martin, I agree with your CTRL ALT DEL reset of our economy rather than bailing out the banks and continuing with more of the same.
But does it necessarily have to be via a depression.
My understanding is that the fundamental problem is that the only source of new money to pay existing debt is to create more debt money and thus increase the overall debt.
There is a lot of talk about a Minimum Basic Income due to AI and automation killing blue collar and increasingly white collar jobs.
So why could a hypothetical future government with a brain not simply implement an MBI board with bank like power to print new money but that does not have to be paid back and thus does not increase over all debt.
The ONLY reason that this body can print money is to pay citizens their MBI and it would need to be rock solid that the MBI can ONLY ever be enough to pay basic needs – roof, food, power. Just enough to keep people out of poverty. If people want more than an austere life then they need to get a job.
So this new source of debt free money would, over time, pay down existing bank debt and in so doing unwind the political power and influence of the banks. And possibly short circuit socially catastrophic depression.
With such an MBI the entire Centrelink compliance bureaucracy could be abolished saving governments a shit load of tax revenue.
Repeat all this with a body with bank like powers that is focused entirely on transport infrastructure, another on public hospitals, another on public schools,……
In so doing we would be decentralizing control of the national currency away from the central bank system and thus reducing the capability of corrupt and greedy players from disrupting the entire economy and social conditions.
Government would use taxation, not to raise revenue to pay for all of the above, but to regulate the value of the dollar. Inflation rises too high then they increase taxation and take dollars out of circulation.
This would be a stepping stone on our way from a totally decentralized money system which I believe will involve bitcoin, or more likely one of its descendants that are more mature.