Ain't 20-20 hindsight a wonderful thing.

Keynesian economic theory created the unprecedented post-war prosperity and we should have, after finding a model that produced unprecedented prosperity, stuck with it.

With the finance sector properly regulated or in co-ops/public hands. Things like destructive derivatives/short selling could have been as they still should be, outlawed.

Capitalism works best when the risk of investing remains and Is shared along with any benefits that accrue.

Yes, things have changed since the 50-70's But mathematical certainties and increasingly rare common sense remain unchanged.

Back in the 70's I could have bought 18,000 acres for $6,000.00. Just the other day, heard that a couple of shonks had a similar sized property on the market for one hundred million. And after they'd apparently shafted the taxpayer for millions?

I think we need to reform the entire economy and as a cooperative capitalism model. Without this now essential reform, all the factors that brought us to this place will take us ever further down this road to self-destruction/ruination.

One of the first reforms would be the removal of chapter 11 provisions and then allow those bound to fail to do so and on their own without, as some have, leaving a trail of bankruptcy and financial ruination in their wake!

When they could have saved their various enterprises by converting then into co-ops with employee participation/sacrifice?

We should have could have built and built on the unprecedented post-war prosperity And should start with reestablishing the gold standard. No question!

I mean that $6,000.00 worth of gold ($28.00 an ounce) in the 70's, that could have purchased 18,000 acres then, could still be the price for that same unimproved block today! (Maybe around 300 ounces) Ditto housing? See what I mean?

Which could do as it did, allow the market to function as the final arbiter of comparative values in every trade or reward for service/effort/innovation! Be it water, energy, land/housing or export incomes/trades!

Yes, I know that would kill off inflation! Well, what do you think created our post-war prosperity, inflation or its noticeable lack!
Alan B.

Can't say I read all 4,600+ words.

All I can conclude is we're Doomed

Society's institutions will fall off this Earth under their own weight.

Alan B - Anytime the banks are involved in something eg Gold you the customer are going to loose.

The gold price should be way higher but it will take a major war for that to happen.

It defies logic that people buy gold from banks and are given a piece of paper that says you own x amount of gold, if everyone with this piece of paper tried to redeem it for gold NO way would there be enough.

They are even trying to get into the bitcoin business being revealed.

The whole system from most of the politicians down are in it for them self not the public.

Can't go one day without a new scandal involving big business or some other large entity.

The gold price should be way higher but it will take a major war for that to happen.
Philip S,
I think the Gold price is quite ok, it's the salaries that are too high, particularly in the Public service.

At the time of post-war unprecedented prosperity, CEO salaries were never more than 30 multiples of the salary or wage of the lowest paid factory or shop floor worker.

And we owned all the power companies some insurance companies several banks and the only telco in town. And a couple of airlines. As well as all essential cash cow service.

The income streams from these entities went a long way toward financing or entire social service budget. And we could rollout infrastructure ahead of new housing and industrial estates, which as a first consequence made housing far more affordable.

These were the days when housing, i.e., shelter remained a basic human right, not an investment vehicle that was coupled to massive negative gearing that simply forced the price of basic housing way past the means of the average battler and business operated on their own capital plus an overdraft.

Now even the inventory has to carry a commercial interest-bearing debt burden! Because these businesses are hardly viable and the operators are by and large incompetent managers? Who almost to a generic man were and remain, undercapitalised?

Lots of changes are needed before we can restart and progress a new golden era. And has to start with a cleanout of the self-serving dross now infecting our dysfunctional parliaments. Top heavy with academics who left uni and went straight in usually with a headful of untried untested intellectual concepts.

And today's word the result!?
Alan B.

changes are needed before we can restart and progress a new golden era.
Alan B,
yes & a national service.