[An acronym from LVT, MMT and UBI]
- LVT (The Revenue/Efficiency Engine): You capture the unearned “rents” of nature and location, ending land speculation and making the “natural price of land” zero.
- MMT (The Operational Reality): You acknowledge the government doesn’t need “tax money” to spend, but uses LVT to drain liquidity, anchor the currency’s value, and prevent the inflationary “financialisation” of people and the economy.
- UBI (The Social Dividend): You distribute the public’s share of economic rent and the benefits of a sovereign currency directly to every citizen, ensuring no one is “excluded” from their right to exist in their own country.
Why “VIMMLBUTT” works as a conceptual framework:
In a “VIMMLBUTT” economy, you effectively stop rewarding passive ownership of land and bonds and start rewarding active contribution.
- The Rich: Can no longer sit on land and watch its value rise while they sleep.
- The Government: Stop pretending it’s a household and starts acting as the provider of a public utility (money).
- The Citizenry: Gets a floor to stand on (UBI) without the bureaucratic “humiliation” of welfare tests.
The current system is a “VIMMLBUTT-in-reverse”: it uses MMT-style spending to bail out banks, uses “handouts” for business (as given during COVID for some businesses already making super-profits), and protects land rents through tax concessions.