Banking corporations are among the most politically potent. The Finance, Insurance and Real Estate (FIRE) industry continues to be #1 in political campaign contributions/investments in the current election cycle, as it has been for many years. Seats on the House Finance Service Committee are among the most coveted since the financial industry rains campaign contributions down on its members, which has increased in size to 61 from 44 members since 1980.
Canadian Economist William Hixson summed up the societal challenge of creating a democratic money system:
The very idea of a government that can create money for itself, allowing banks to create money that the government then borrows, and pays interest on, is so preposterous that it staggers the imagination. Either everyone in government in charge of the procedure is lacking in intelligence or they have been bought and paid for by those who profit from their skullduggery and their infidelity to the public interest.
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It may be that none of these needed changes occur until all of their respective advocates come together in a larger movement of movements. Included in this should also be Move to Amend'sWe the People Amendment to the US Constitution to abolish corporate constitutional rights and declare that political money in elections is free speech -- a solution that would make it easier to achieve all of these and other separate social and economic ills.
The challenges are immense. The crises are enormous. Our solutions must be equivalent in scale.
COVID-19 looks to be the pin that has popped the "Everything Bubble" financially, opening the possibility for a reset of our economy, as well as our governing institutions and social order to be more authentically democratic, decentralized, just and sustainable. Promoting half-measures is comparable to premature ending of stay at home orders to flatten the coronavirus curve. The problems and virus will simply continue.
Fundamental system change is the only approach to curing our monetary pandemic and other structural diseases.
(Article changed on May 21, 2020 at 13:47)
(Article changed on May 21, 2020 at 17:26)
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