We’re getting crackpot politicians thrown up as potential leaders because mainstream parties have proven to be so indebted to their financial backers that they’re not up for instituting necessary political change.
Despite a few of the societal problems being ‘manufactured’ by Pauline Hanson and Nigel Farage, they otherwise do hit a nerve in pointing out the litany of issues that we’re facing.
I don’t know whether people who read this page agree that from next year on we’re about to experience a financial depression. Seeing collapse in myriad areas, many prophets of doom have emerged. However, I trust readers see a difference between my doomsaying colleagues and what I provide. It’s good news. I propose a quick-exit strategy that I’ve nominated ‘VIMMLBUTT’. Treasury bureaucrats aren’t likely to go for it, though, because it’s not sufficiently complex, nor tethered to ‘academic wisdom’.
So: –
When the crunch does occur, we’ll need to introduce a universal basic income (UBI) – and it shouldn’t be too basic! It will assist people and business through incredibly troubled years.
If people understand the principles of modern monetary theory (MMT), they’d know that this approach is not inflationary! (And could it be, anyway, during a depression?)
Then, let’s start slowly to dismantle an atrocious tax regime that by taxing our earned incomes has rewarded asset speculation at the expense of real wealth creation. This cannot be done by lowering income tax and increasing the GST. That’s simply another cover for status quo. Both need to be reduced, as ‘land value taxes’ (LVT)–represented by the the rents of all of our natural resources including spectrum rents–are increased at federal, state and local government levels.
So, in the last three paras, we have UBI, MMT and LVT. They run nicely together in the acronym remedy for the depression, namely, VIMMLBUTT.