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John Merryman's avatar

Nathan,

Why would it behoove a system of government to care for the entire society?

Because as states function as social super organisms, government, executive and regulatory, is the nervous system, as money and banking are analogous to blood and the circulation system.

We have come to understand government works best as a public utility, because it has to stay reasonably connected to the entire organism.

While the upper classes might not care for the well-being of everyone, their greatest tool is the fact this circulation mechanism remains private "enterprise."

Though when the medium enabling markets is a player in those markets and not a utility, the rest are tenant farmers to the banks. So rather than a mechanism to allocate value where it would be most productive for the entire society, much is siphoned off to feed large egos.

Not that this even serves any greater purpose than a game of oneupmanship among this cohort. They simply do it because they can. It's like the heart telling the hands and feet to go suck dirt, as it is keeping the blood for itself.

Making banking a public utility would serve as a check on the rest of the oligarchy, as they would have to store assets far more in tangibles, than accounting devices and public debt.

It should be noted that the federal debt began to grow with the New Deal, so not only was Roosevelt putting unemployed labor back to work, but unemployed capital, as well.

"The real money is in bonds."

The secret sauce of capitalism is public debt backing private wealth.

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