The topic line describes some contents of a section of a project I’m working on. I figure some here may be interested in this document (just 8 pages, and only the last 5 are on topic), which currently concludes:
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Thesis: Sovereign public power creates money for social order and development.
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Antithesis: A private financial class captures and privatizes this privilege, using debt as a tool of extraction and control, leading to economic polarization, deindustrialization, and ultimately, systemic crisis and war.
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Synthesis (Pending): We are living in the unresolved tension. The 2008 crisis was a spectacular failure of the private model, yet it was met with a rescue that reinforced the power of the largest banks. The political question of the 21st century is whether society will reclaim the sovereign privilege of money creation for public purpose (via Modern Monetary Theory (MMT)-inspired policy, public banking, digital currencies) or if the private, stateless shadow banking system will further consolidate its power, repeating the cycles of austerity, conflict, and collapse.
