New Economics Party: Let Locals Control Money Supply
|June 24, 2014||Posted by Staff under Good Press|
This 2014 excerpt of the New Economics Party, Jun 6, is by Deirdre Kent.
Like the formation of a river from the small streams to the river to the sea, create a new national currency at Local Board level and pass it up the line. Then the monetary authority, in conjunction with the monetary authorities of the supercities and the government, would make sure the local board did not issue more money than it was allowed, as inflation must be kept strictly under control.
We aim to move to a tax system that taxes the monopoly use of the commons rather than labour and sales. Some revenue will be distributed as a Citizens Dividend to all citizens who have lived there for a year or more, the rest will be shared by all levels of government.
Government pays you for your land, and the title of your property then bears a covenant, an obligation to pay a ground rent from then on, whoever owns the land. The tenure is for a lifetime, with rights that your descendants can get the next lease.
Land rents are stable over time. When there is a major event like an earthquake they decline or when a railway is put in or a labour intensive business arrives they rise more than just a tiny bit.
Councils and Government should never sell land. They should keep it and auction the leases to the highest bidder, then share that revenue with the public (via a Citizens Dividend) and the central government. This should be entrenched in law.
Ed. Notes: Wouldn’t you like to live in a place where political leaders actually discuss giving the system the radical makeover it needs?