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The Forum > Article Comments > Economic rents must become partof the public discourse > Comments

Economic rents must become partof the public discourse : Comments

By Bryan Kavanagh, published 28/8/2014

In Australia, the Henry Tax Review was not whistling 'Dixie' in 2008 when it claimed: 'economic growth would be higher if governments raised more revenue from land and less revenue from other tax bases'.

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JKJ

Bear in mind that much of the global financial planning of the last 100 years, and especially the last 70 years since WWII, has been dictated by the US Federal Reserve, and the US dollar as the default global currency.

The US Federal Reserve is a PRIVATE institution, dominated by the big guns of world finance who set it up in the first place. Yes, it is technically subject to Congressional control, but that’s only an empty formality as no Congressional entity will dare to interfere with the Fed’s agenda.

The US Fed is the template of virtually all the central banks in all OECD countries, which in turn created the GFC by deregulating the balances and checks built into the system during Roosevelt’s New Deal period and by the many fiscal reforms introduced in other developed nations during the Great Depression. The central banks in all OECD countries take their orders – either directly or indirectly – from the US Fed.

So the concept pushed by right-wing think-tanks that central-bank planning is inherently socialist is a complete joke. Central banks do NOT work for governments or for the people. Their role is to facilitate the interests of the global rich.
Posted by Killarney, Thursday, 28 August 2014 8:58:40 PM
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Tax the bankers as they create all the money from nothing as debt to equal our productivity. They and our Govts have also over inflated the price of land and housing.
Posted by Arjay, Thursday, 28 August 2014 8:59:58 PM
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Killarney
The Fed is a creation of the Federal Reserve Act. Yes it privileges private banks to, in effect, print money and to that extent they are part of the problem, no denying that. But that's not an argument against a free market in money. It's an argument against governments trying to regulate it. You yourself are proving you disagree with your own argument.

The point is, that privilege of private banks creating money substitutes based on thin air is a creation of the Act, without which, it would be illegal for the same reason that counterfeiting is illegal.

"So the concept pushed by right-wing think-tanks that central-bank planning is inherently socialist is a complete joke. Central banks do NOT work for governments or for the people. Their role is to facilitate the interests of the global rich."

1. So do you agree that the Fed should be abolished?
2. And that to do so would require Congress to repeal the Federal Reserve Act?

If you agree, you are agreeing with the Austrian school free market libertarians.

And if you don't agree, you're a) contradicting yourself, and b) favouring the exploitation of the workers for the interests of the global rich.

Which one is it? Please answer my numbered questions.
Posted by Jardine K. Jardine, Thursday, 28 August 2014 9:16:17 PM
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JKJ

‘Please answer my numbered questions.’

Excuse me, Mr Do-As-I-Say. I’ll respond to your post because I choose to do so, not because you’ve barked an order at me.

‘1. So do you agree that the Fed should be abolished?
2. And that to do so would require Congress to repeal the Federal Reserve Act?’

Yes to both. Sooner the better.

‘If you agree, you are agreeing with the Austrian school free market libertarians.’

I’m also agreeing with most socialist and left-wing schools of thought (get on a few sites and have a read). They differ with the Austrians, however, in that socialists and left-wingers want to preserve the social contract, whereas the Miserly-Mises-Minions want to do to the social contract what Israel has just done to Gaza.
Posted by Killarney, Thursday, 28 August 2014 9:59:01 PM
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"I’m also agreeing with most socialist and left-wing schools of thought (get on a few sites and have a read)."

Well I'm glad to hear you report that "most socialist and left-wing schools of thought" now support a free market in money and credit. When did that happen? What converted you?

"They differ with the Austrians, however, in that socialists and left-wingers want to preserve the social contract"

Hmm, can't remember signing a social contract. Perhaps if you could post a copy of it, it would jog the memory?

Oh that's right, it doesn't exist. *Please* answer the points in this article which prove it's just a load of state-worshipping nonsense:
http://economics.org.au/2010/08/no-social-contract/

Besides, if you support the (alleged, non-existent) social contract, why shouldn't "society" set up a state monopoly of the supply of money and credit?

"whereas the Miserly-Mises-Minions want to do to the social contract what Israel has just done to Gaza."

Hmm, Israel is a state, which a legal monopoly of the use of aggressive force and public ownership of the military, and and Gaza is a state, ditto, so
1. you're wrong, that's the *opposite* of what Misesians support, and
2. doubly wrong, it's what socialists by definition support, otherwise you'd be libertarians.

So, do you support a government monopoly of aggressive violence? If so, isn't that what's causing the problem in Gaza? If not, doesn't that mean you're a libertarian?
Posted by Jardine K. Jardine, Friday, 29 August 2014 10:50:30 AM
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Killarney

Can you see that your confusion and self-contradiction are showing?

At about 9 o’clock you say that the Fed created the GFC by deregulation, that is, the problem was *not enough* regulation by the Fed.

Then at about 10 o’clock you say that you and most socialist and left wing schools of thought support the abolition of the Fed and the repeal of the Federal Reserve Act.

So which one is it?

Surely if the socialists are right in principle, and the problem is not enough public control of the means of production, the solution is to give the Fed even more monopoly power to manipulate credit and banking?

It is a credit to the thinking of Mises and the Austrian school of economics that even the socialists have finally come to a belated, if dim, understanding that it is the Fed, not “unregulated capitalism”, that causes the so-called business cycle of booms and depressions; thus flatly contradicting their own socialist theory.

But at least you’re trying to understand it, and at least you understand that creating a government monopoly of the nerve centre of the economy actually leads to a society that is less fair and less productive - the opposite results to those expected by socialism.

With respect, if you want to really understand this central topic which affects all political economy, you could try reading these books which explain the workings of money and banking in plain language:
“What Has Government Done to Our Money?” by Murray Rothbard
http://mises.org/books/whathasgovernmentdone.pdf

“The Mystery of Banking” by Murray Rothbard
http://mises.org/Books/mysteryofbanking.pdf

I’m not asking you to agree with them. But at least understand the theory which you partly agree with, partly criticise, and partly seem confused and don’t know whether you agree with it or not.
Posted by Jardine K. Jardine, Saturday, 30 August 2014 11:00:05 AM
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