{"id":18234,"date":"2014-09-21T04:29:57","date_gmt":"2014-09-21T08:29:57","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=18234"},"modified":"2014-09-21T11:12:08","modified_gmt":"2014-09-21T15:12:08","slug":"bank-of-the-commons","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2014\/09\/21\/bank-of-the-commons\/","title":{"rendered":"BANK of the COMMONS"},"content":{"rendered":"<p><em>New Economic Perspectives<\/em> has the article <a title=\"New Economic Perspectives article\" href=\"http:\/\/neweconomicperspectives.org\/2014\/09\/bank-commons.html\" target=\"_blank\">BANK of the COMMONS<\/a>. by J. D. Alt. In discussing an assumption that Thomas Piketty made in his book <em>Capital in the Twenty First Century<\/em>, Alt says:<\/p>\n<blockquote><p>Instead of simply assuming, however\u2014and in such an off-hand fashion!\u2014that legitimate \u201cdemocratic governance\u201d cannot possibly be inserted into a central bank\u2019s procedures for issuing fiat currency, why not try to imagine a way that it could? This is precisely what a \u201cBank of the Commons\u201d might accomplish.<\/p><\/blockquote>\n<p>This is a very interesting idea.\u00a0 One of the people commenting on the article claims that this was done in the 1930s and 1940s.<\/p>\n<p>This idea isn&#8217;t far fetched at all.\u00a0 We have systems almost like that in operation right now.\u00a0 Think of government funded research grants.\u00a0 What the NIH does right now is one example.\u00a0 PhD&#8217;s at Universities and other research institutes write grant proposals, and the NIH funds some of them.\u00a0 The current system is pro-cyclical though.\u00a0 The amount of funding goes up when the economy is doing well, and it goes down when the economy is doing badly.\u00a0 Highly qualified researches are dropping out now because of the lack of funding for good proposals.\u00a0 I read of one newly minted Professor who decided to open a winery (maybe it was a brewery) because he couldn&#8217;t get funding for his biomedical research proposals.<\/p>\n<p>The Bank of the Commons would not restrict itself only to research proposals by scientists with advanced degrees.\u00a0 It would be open to anyone or any group that had a good proposal.\u00a0 (Of course that is also true of some government grants now.)\u00a0\u00a0 However, the other difference is that a Bank of the Commons would be economically counter-cyclical, if that is the way we decide it should be run.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Economic Perspectives has the article BANK of the COMMONS. by J. D. Alt. In discussing an assumption that Thomas Piketty made in his book Capital in the Twenty First Century, Alt says: Instead of simply assuming, however\u2014and in such an off-hand fashion!\u2014that legitimate \u201cdemocratic governance\u201d cannot possibly be inserted into a central bank\u2019s procedures [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-18234","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/18234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=18234"}],"version-history":[{"count":4,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/18234\/revisions"}],"predecessor-version":[{"id":18238,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/18234\/revisions\/18238"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=18234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=18234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=18234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}