Global capitalism today tolerates (even
promotes) unemployment at some rate in
excess of zero -- and many say it really
aims at six percent (including necessary
job changing).
Unemployment of ten percent is common.
Still higher levels of unemployment exist
in underdeveloped nations and
underdeveloped regions of developed
nations.
In spite of the above conditions every
fool knows that only 100% full employment
is right for himself -- full employment or
a full pension with lots of hobbies.
Logical ideas on this topic must start with
an eventual economy of robots and full
automation where few people work for the
benefit of others. They will work to live a life
where virtue absorbs their time rather than
vice.
Between now and then, while all of us are
still needed to do things for others, the
problem we face is financing the"others"
with purchasing power to create full
employment at high profits and wages.
We should start with that portion of the
"others" represented by public agencies
that are elements of local, state and
national government. These public
agencies need us to work on the
environment, the infrastructure, the
normal list of things government
provides and does. These must not
wait on taxes to spend money.
They must be empowered to spend
money authorized by an initial high
power money spending system
(HPMSS).
The HPMSS cannot be allowed to
cause hyper-inflation.
It must be allowed to fight inflation by
super-computation of how much it can
spend -- after evaluating budget requests,
estimates of public saving, and estimated
future prices for the necessities of life
based on estimated future supply.
Saving, as referred to above, will be
protected against inflation in the price of
necessities. Luxuries will rise in price
to play the role that taxes do today.
The above HPMSS will employ all people
really needed to work for others.
There will still be people not needed.
These will be fully self-employed if they
have a civil right to a microloan or self-
employment wage advance. Their work
may in time successfully sell the product
of their self-employment to others. But
much will not be sold. It will represent
affordable waste -- assuming all
necessary jobs have been created by
the HPMSS as government or contractor
jobs. Not to worry: hyper- inflation must
be avoided, but profit is not necessary
for all enterprise all the time.
Employment is necessary. Profit is not.
Profit is good. But employment is critical.
If we refuse to spend money that is needed
because it is not received from taxes or
bond sales, we will be doomed. The savings
referred to above amount to a bond sale
but they are timed to allow full employment
and full funding of a monetary system of
production. It is the system we use in war.
John Gelles
This archive was generated by hypermail 2b29 : Fri Feb 02 2001 - 18:11:10 MET