Posted to New World Economic Review blog when asked to summarize what
the basic problem is and what is most needed:
The problem is a scarcity of individual incomes in ratio to total
prices needing to be extinguished created AT BOTH THE MOMENT AND EACH
CONTINUING MOMENT OF PRODUCTION. And the solution to this is the
APPLICATION OF monetary Grace to the individual so as to continuously
create the zero balance that double entry bookkeeping otherwise
demands businesses and individuals maintain. This would transform the
nature and psychology of the entire system with a minimum of actual
structural change, which is the hallmark of a true paradigm change,
and being the resolution of the deepest problem of economics and
finance themselves, would undoubtedly enable many lesser problems to
dissipate, the phenomenon of which is readily observable in individual
psychology. This does not mean we can or should dispense with
regulation. There is no end to history, and there is no present
perfection of humanity and likely not one forthcoming, which only
heightens our awareness of the fact that we must all “chop wood and
carry water” if we are to develop into more adult, responsible and
ethical individuals. None of this however invalidates the necessity of
following the correct temporal course of: transformation first,
regulation afterwards. This is seeking SYSTEMIC solutions, not
palliatives, and gives expression to the necessity of applying wisdom
SYMMETRICALLY to our organic affairs. After all “…seek ye first the
kingdom of God, and his righteousness; and all these things shall be
added unto you.” …applies to both humans…and human systems.