A fair amount of computer ink has been spilled on the screen here at heteconomist on the topic of money. For as long as there continues to be a monetary system, this remains an important topic. However, in a better world, which is becoming technically more feasible by the year, perhaps is already feasible, there would be no need for money at all. Accordingly, I have signed The Free World Charter. Well, I would have signed it earlier but became aware of it only now.
Being somewhat of a stickler when it comes to — well — life really, I felt the need to add some fine print along with my assent. This was due to some passing remarks elsewhere on the website, though not in the charter itself, concerning the supposed unsustainability of budget deficits and a claim of political neutrality for the charter:
I strongly support the kind of society advocated, as my signature indicates. Thank you for the opportunity to register this support.
Allow me to note that I consider some of the supporting explanatory material, provided elsewhere on the website, to be somewhat inaccurate. In particular:
(i) Public “debt” and ongoing budget deficits do not pose a solvency problem for sovereign currency issuers who allow their currency’s external exchange rate to float and refrain from borrowing in foreign currencies. Provided such deficit expenditure does not cause demand to outstrip the productive capacity of the economy, it will not in itself be inflationary. (In line with the work of modern monetary theorists.)
(ii) The charter is not apolitical. Nor could it be.
Nevertheless, I support the political positions taken regarding the elimination of money and interest, free distribution of goods and services, environmental sustainability, etc.
Some may suspect that without money, there would be no need for heteconomist. Please. This blog is very far from being a one trick pony. Or, at least, quite far.
In the event that non-monetary utopia is still some way off, I refer all and sundry to heteconomist’s very own Proposal for an Interim Society Prior to Utopia.