President Reagan’s first budget director David Stockman might be regarded as the last American fiscal realist. Stockman reviews the nation’s financial woes due to monetary policy and taking the dollar off the gold standard and letting its value float without a necessity of reality checks.
The clever Nixon administration in order to win re-election took the dollar off the gold standard rather than exercising fiscal austerity. The Federal Reserve became free to print up as much currency as it wanted merely needing to finesse out inflation or deflation and the rest is history. Today with 19 trillion dollars of public debt and seven years of free ‘loans’ to big banks so they can print up their own e-dollars financial reality has gone the way of the buffalo without consequence, in theory.
Stockman takes exception to the idea that there aren’t consequences for the fiscal relativism that supports moral relativism. In his 2013 book ‘The Great Deformation’ he says that the nation has outsourced its business and imported goods with foreign purchases of U.S. bonds financing the cycle that even so seems to be inefficient i wanted to suggest a way to return the dollar to a material commodity; an unconventional one such as the total number of tons of carbon dioxide in the atmosphere, the total quantity of fresh water on the Earth available for drinking, or species biodiversity (number of living species), or even a basket including several ecospheric facts.
When species for instance become fewer the dollar decreases in value and when they increase (if possible) the value of the dollar would rise. Abundance rather than scarcity would be used to determine the value of the dollars. Because capitalism as it presently is has no cognizance of ecospheric value, tying the value of the dollar in a positive way to ecospheric values might be an approach to providing incentive to capitalists to restore the planetary ecosphere.
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