Food for Thought! A state has the exclusive right to issue fiat money as legal tender with the public purpose not only to facilitate transactions and hold purchasing value of output and capital assets but also to act as a net lender and spender of last resort in cases where stabilization considerations require a budget deficit stance from public investment projects, recessionary crises and cyclical fluctuations. When this state abandons this right to private financial entities it violates public trust and community responsibilities and increases the danger and revenue/spending constraints upon the members of the community. There is a loss of democratic legitimacy and citizens are exposed to the possibility of the burden of excessive taxation and loss from privatization cost and reduction of public services that raise community welfare. What fool can claim and prove that the the sum of activities only from private interests, given the interaction of the conflicting, uncoordinated and unequal parties representing these interests, is more in value than the public welfare represented by the combined activities of private entities that trade proprietary output and the output of common and stabilization activities engaged by the collective responsibility of organizations that compose a community?
Posted on: Sat, 13 Sep 2014 11:24:35 +0000