CreditLuba Lukova
On September 21, 2016, Hillary Clinton writes in The New York Times:
Nearly 40 percent of Americans between the ages of 25 and 60 will experience a year in poverty at some point. The best way to help families lift themselves out of poverty is to make it easier to find good-paying jobs. As president, one of my top priorities will be increasing economic growth that’s strong, fair and lasting. I will work with Democrats and Republicans to make a historic investment in good-paying jobs — jobs in infrastructure and manufacturing, technology and innovation, small businesses and clean energy. And we need to make sure that hard work is rewarded by raising the minimum wage and finally guaranteeing equal pay for women.
Unfortunately, while job creation is a noble goal, it will not be enough in the face of advancing, job destroying and labor devaluation technology (the non-human factor of production) radically transform the nature of producing products and services.
What is required is a fundamental reform of the system to empower EVERY child, woman and man to acquire personal OWNERSHIP stakes in FUTURE non-human means of production, as embodied in the capital assets of corporations advancing the growth of the economy. This can be accomplished by using financial mechanism that extend INSURED, INTEREST-FREE capital credit to EVERY American citizen, repayable out of the FUTURE earnings of the investments.
People who put reliance on past savings as the sole source of financing for new capital asset formation do not understand money, credit, banking, or finance. They don’t realize that banks of issue and of discount (commercial banks) were invented to turn contracts — promises — into money to purchase capital today to repay out of future profits tomorrow: “future savings.” Past savings (which equals investment) is more often used for collateral to secure such “pure credit” loans and not for direct purchase of capital. Relying on past savings for financing means that, as a rule, only the rich can own, because they by definition own the past savings. The only way the non-rich can get around this in the past savings paradigm is for the rich to divest themselves of their wealth voluntarily (which falls under the “ain’t gonna happen” heading), or to re-define private property to permit redistribution . . . thereby restoring property by destroying it.
For solutions to remove the barriers that inhibit or prevent the non-rich from acquiring and owning capital on the same terms as the rich see the Capital Homesteading proposal (aka Economic Democracy Act) at http://www.cesj.org/learn/capital-homesteading/, http://www.cesj.org/learn/capital-homesteading/capital-homestead-act-a-plan-for-getting-ownership-income-and-power-to-every-citizen/, http://www.cesj.org/learn/capital-homesteading/capital-homestead-act-summary/ and http://www.cesj.org/learn/capital-homesteading/ch-vehicles/.
Also see “Perpetual Unemployment And Underemployment” at http://www.huffingtonpost.com/gary-reber/perpetual-unemployment-an_b_4516814.html.
