But one thing is for sure, to ensure a future economy with inclusive opportunity, inclusive prosperity and inclusive economic justice, we must lift unjust ownership-concentrating Federal Reserve System credit barriers and other institutional barriers that have historically separated owners from non-owners and link tax and monetary reforms to the goal of expanded capital ownership. Removing barriers that inhibit or prevent ordinary people from purchasing capital that pays for itself out of its own future earnings is paramount as an actionable policy.
The key issue in the post economic crisis will not be a lack of new money, but a lack of new owners of productive capital, resulting from a lack of a monetary system that universalizes equal opportunities for every person to access and acquire ownership stakes in the productive capabilities to be developed to meet future economic needs. Had stimulus packages in previous years been designed to create new owners along with new capital formation, our economy would have experienced sustainable and non-inflationary growth. More resources would have been available, and more people would have been economically secure and not dependent solely on jobs to deal with disasters such as the COVID-19 pandemic.
Collateralized by capital credit insurance, self-liquidating capital credit should, as a fundamental right, be made available on an equal basis to all citizens. This would turn today's non-owners into economically independent owners of productive capital. Such credit would finance the purchase of new or existing productive assets needed by businesses. Future earnings on the shares would pay off the acquisition loans.
Questions To Be Addressed
There are many questions to be addressed:
Is there a role for the federal government to guarantee local commercial bank loans, with zero interest, to provide assistance to businesses to cover their lost revenues, which would be paid back over an extended period?
Is there a role for the federal government to distribute money to citizens affected by the economic recession, including workers who lose jobs, salaries and wage hours, so they can continue to buy essential food and household goods, pay home mortgages or rent, cover the costs of necessities, such as daycare and schooling, and provide for their healthcare?
Is such a safety net possible? Is there any choice given the life-threatening nature of this emergency?
What will be the cost of such safety net expenditures? Where will the money come from?
Trillions of dollars will be necessary to stem the economic downturn that is impacting our nation. Will the allocation of the money go to the businesses associated with the already wealthy ownership class or to those who are overwhelmingly struggling? Will direct payments to individuals in the amounts of $1,000 to $3,000 as a one-time relief or continuous month-to-month relief result in re-starting the economy?
We will be facing mass unemployment and thus with the vast majority of Americans dependent on a job to earn income, a job will no longer be a viable means for millions of people as long as the coronavirus pandemic persists without a cure.
Increasingly, Americans will face unprecedented financial uncertainty and disaster; the stimulus packages will need urgently to address the current devastation and provide support for the aftermath of the crisis and our recovery.
The recession will deepen considerably before it is over. All the efforts by the Federal Reserve and other central banks to pump trillions of dollars more into the United States economy and other nation economies may prove futile.
A JUST Third WAY Response
If people were not surviving paycheck to paycheck, already making a livable wage and generating additional income through Capital Homesteading dividends from 24/7 automated production, they would be better equipped to survive shutdowns and self-isolations while the government figures out how to get them help.
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