Saturday, March 14, 2009

An alternative to Banks?

James Robertson - It's Our Money Anyway

Interesting.... will it ever be implemented? i wouldnt bank on it!

Posted by techieman @ 09:15 AM (926 views)
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7 thoughts on “An alternative to Banks?

  • Robertson is unusual ,even among the renegades, in linking monetary reform with Land value tax.
    There are plenty of land taxers who do not believe that commercial banks create money out of nothing in extending loans and this is a very great pity and restricts the scope of their theories.

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  • mountain goat says:

    Great video thanks TM. I liked the point “We should tax people if they take value out of society (like land and houseprice appreciation) not when they bring value into society with earings and profits”

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  • charlie brooker says:

    Plenty of richer countries than the UK are already using the system.

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  • yes MG – but basically the introduction of LVT would need quantum leap in alot of areas. First you would have to educate the masses (effectively the only time you could do this is when wealth has been obliterated) Second you would have to convince elected representatives of this requirement. Third you would have to have long (and boring) debates for all kinds of stuff – what about asset rich cash poor pensioners, what happens when people dont pay (eg poll tax) etc.

    Indeed for it to happen there would need to be a political will of the people and a party that would adopt it (and against both all actual VIs and those that think they are VIs).

    I can link this to a previous comment i made re the Swiss – there wouldnt be any tax havens if taxes were raised on immobile assets. Still obviously we should defer to Mark W – the expert on this area.

    I was more interested in the idea that the government runs a bank that puts the $xxBn of profits back into society via a citizens income.

    All of this is very morally supportable but im skeptical that it will ever happen and therefore not sure it should be high up on the agenda for discussion (says he who posted it!).

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  • perhaps I am a VI as I don’t have my ears pierced – but what’s wrong with taxing earings?

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  • 3. techieman said…

    Indeed for it to happen there would need to be a political will of the people and a party that would adopt it (and against both all actual VIs and those that think they are VIs).

    It’s hard to imagine a set of circumstances where the biggest VI’s could be made to go against their best interests. Right up to the point of Armageddon, they would fight tooth and nail – thereafter the consequences of that Armageddon would be just so terrible, that the plan would probably be too late (civilisation is a thin veneer).

    It’s an interesting debate and maybe its worth ruminating on, because (imo) it’s just possible that we’re very close to such a scenario and we could need to re-invent some of the most basic machinery of finance and Governance, that has existed for centuries

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  • mark wadsworth says:

    @ Techie, yes, the fact that you can’t stick a piece of land in a briefcase and take it to the Cayman Islands is argument number 273 in favour of LVT, or more broadly speaking, LVT does not relate directly to actual incomes so does not stifle the economy.

    You’ll find that most LVT-ers agree that theoretical LVT receipts of around fifteen per cent of GDP (assuming no other taxes apart from user charges, licence fees) would be more than enough to pay for core functions of state (defence, law and order etc), so any surplus would be dished out as a Citizen’s Income. This has the handy knock on effect of acting like a personal tax free allowance, people who live in the smallest properties would get more CI than they pay in LVT.

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