DESPITE the announcement of various stimulus packages intended to reboot the World Economy, the saga of boom and bust continues, spurred on by growing awareness of the structural inequalities that have been built into the so-called free-market. There is rising anger at the “pork-barrel” spending in the US to save industries mired in a bizarre addiction to debt that has lead to the absurdity of binge-spending, over-weight executives and complete disregard for value on the triple bottom line i.e., economics, ecology and social consequences.
It is as if the whole world, (that’s us) are all now being asked to fund the spending habits of a few executives and to pay the resulting bill for engaging in no-holds-barred capitalism, with more capital (an increase in the money supply) while half of the world lives on $1 a day.
The questionable Keynesian policies being rolled out by Big Government in the interest of Big Business ignores the simple problem – exactly what is it that is going to be stimulated, and what will the consequences be of saving the banks, corporates and industrial oligarchies in the West that have lead us all into the mess in the first place?
Surely every person with an ID registration should be entitled to engage in the global recovery? Are we not all entitled to participate in the monetary programmes announced by various governments, who have now given the First Economy an extended line of credit (exactly how much is this costing ordinary South Africans, see previous post) on the notion that what is needed is a cash injection and supply-side stimulus spending to create the spending, consumption and labour churn needed to grease the old order while denying similar packages to those who live in the Second Economy who are forced to live off the scraps that trickle-down in what was once referred to as Voodoo economics?
Where does the developing world fit into this? What are the consequences for the new digital economy that has interconnected us to the point where the metaphors of one economy become the realities of another?
I am referring to the post-scarcity, open source paradigm that has created unprecedent innovation online (and offline) coupled to the virtualisation of value and a breakdown of the normal laws of supply and demand.
Can the West continue to ignore us, the rest of the World? Are we not all entitled to a New Deal 2.0, one that embraces developed and developing world as well as the space inbetween that we call the Internet?
How about a model in which the banks no longer control the money supply, where instead of a closed banking system (now being reigned in by the World Bank and Federal Reserve) we have an open-source money model guaranteeing each and every person access to micro-finance and credit, loans guaraneeed by the community resulting in an end to scarcity?
A true World System based upon human rights, access to wealth and equality of ownership? A New Deal 2.0 that includes the rest of us.
Time to fire the economists and hire the engineers. Obama, Brown, Manual, instead of bemoaning the problems of big business and the troubles of the elite, should rather be figuring out ways to guarantee each and every living person a fair wage, decent work for all and a monetary system that is not at the beck and call of those in the know.
That’s right, Open Source the Money, give everybody a personal stimulus package tailored to his or her dreams and look 500 years ahead into the future. Take the long view, the leap into a new world where poverty is, for all intents and purposes, eradicated and acquisitive accumulation and conspicuous consumption is rather a lifestyle choice, like a choosing ones profession, and where one might actually end up paying to live in poverty, merely for the experience.