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A Bailout for the People: Dividend Economics
Cook on Sunday, 01 March Posted in Monetary Reform. Richard C. Cook is a former U. He can be contacted through his website at www. The lack of individual and family income security in the midst of a highly-developed economy is a travesty under any circumstances, but the basic contradiction of "poverty in the midst of plenty" that has plagued the world since the start of the Industrial Revolution is becoming much worse in the early years of the 21st century as the Recession of picks up speed.
Winston Churchill spoke on the subject when giving the Romanes Lecture at Oxford University on June 19, , a few months after the crash of the U. He said:. Who would have thought that cheap and abundant supplies of all the basic commodities would find the science and civilization of the world unable to utilize them?
Have all our triumphs of research and organization bequeathed us only a new punishment: the Curse of Plenty? Are we really to believe that no better adjustment can be made between supply and demand? Yet the fact remains that every attempt has failed.
Resources for Community Currency Activists
Many various attempts have been made, from the extremes of Communism in Russia to the extremes of Capitalism in the United States. They include every form of fiscal policy and currency policy. But all have failed, and we have advanced little further in this quest than in barbaric times. Surely it is this mysterious crack and fissure at the basis of all our arrangements and apparatus upon which the keenest minds throughout the world should be concentrated. Perhaps we are finally ready to reopen the question of whether human beings have a right to a sufficient income to keep body and soul together Today it is not difficult to see that implementation of a Basic Income Guarantee BIG , had it been put in place when the concept still had political life in the s and early s, would have gone a long way toward ameliorating human distress from poverty along with assuring a degree of economic justice.
And we would clearly be much better off today. Yet even in the midst of massive government bailouts for the banks and the as-yet-to-be-implemented economic stimulus proposals for the people, a BIG is never mentioned, not even by progressives. One problem with BIG is that its proponents always presented it as a transfer-of-wealth program, where a portion of the earnings of people with earned incomes would be diverted to support those in need.
We Hold These Truths: The Hope of Monetary Reform
But there are other ways to look at the problem. One way is that of the Social Credit movement, where a regular dividend payment to individuals is seen not only as fair but is viewed as a necessary balancing force within a developed economy. I call this program, based on dividend-type approaches, a "Bailout for the People," as opposed to the bank bailouts that are adding trillions of dollars to the national debt.
I have presented it previously in articles on the internet as "The Cook Plan. Cook, "How to Save the U. Economy," globalresearch.
So what is really wrong with the economy? Within the U. As stated, for commentators like Stiglitz, or like Paul Krugman, another Nobel Prize winner who writes for the New York Times, the debt-based monetary system run by the banks is a "given" as the unchallenged centerpiece of the world economy.
So their answer to a crisis marked by overwhelming public and private debt is more debt. What we are seeing is a rapidly metastasizing case of terminal cancer. The host of this cancer is the population of the U. The progressive prescriptions of people like Stiglitz and Krugman, and even those of president-elect Barack Obama, are like offering a pair of crutches to a cancer patient so ill he can no longer even stand up. The international empire of usury has a long pedigree.
It goes back to ancient Sumeria, when debtors first began to be sold into slavery. Excessive debt ruined many of the Greek city-states and helped wreck the Roman Empire. During the Middle Ages, usury was such a scourge that the Catholic Church outlawed it.
The current phase of the empire dates to the creation of the Bank of England, which was a privately-owned banking institution that made its money by lending to the British government so it could fight its wars. The bankers had previously tried take control of the U. Since the founding of the nation, there has been a struggle within the U. After a dramatic see-saw battle lasting two centuries, the banks finally saw complete triumph in the s when the philosophy of monetarism took over and assured that a chronic insufficiency of real money in the economy would be answered by an exponentially growing amount of bank-generated debt.
The flood of petrodollars overseas was paradoxically mirrored in reverse by a growing shortage of consumer purchasing power at home.
Monetarism was not directed solely by figures within the U. Rather it was part of a worldwide financier conspiracy.