Carmine Gorga Blog | Some Tasks Ahead Of Us In Community Development | Talkmarkets - Page 3
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Carmine Gorga is president of The Somist Institute and a former Fulbright Scholar.  He has published numerous papers in peer-reviewed journals and five books; other publications are at various stages of preparation. He has a ... more

Some Tasks Ahead Of Us In Community Development

Date: Monday, March 20, 2017 5:25 PM EDT

The intent of the second petition is to create a natural ebb and flow movement in the process of capital formation. So far, we have allowed the “animal spirits” of mankind to run into an interminable cycle of boom and bust, which is creating faulty conditions of inordinate wealth for the few and miserable conditions for the many.

We can do better. We must do better. The second petition calls upon Congress to establish these three firm rules for the operations of the Fed: 1. Issue loans only for the creation of real wealth; 2. Issue loans at cost; 3. Issue loans to individual entrepreneurs, cooperatives, corporations with ESOPs and/or CSOPs, and to public entities with taxing power so that loans can be repaid. This last condition is more fully explained by the Gloucester Resolution, a resolution unanimously approved by the Gloucester City Council on September 2, 2008.

While simple, these rules are far from simplistic. They will put a stop to perhaps five thousand years of history in which money has controlled people, and will inaugurate an age in which people control money. This is the age of Economic Justice—for all, poor, middle class, and the rich. This is the age of Economic Rights and Responsibilities.

To my unending amazement, I have discovered that justice is a virtue and that justice is strictly linked to love as the supreme theologian virtue. It takes love to offer, and to receive, economic justice.

The intent of the third petition is to avoid the disasters that would follow from the next, widely anticipated collapse of the monetary system. Calling upon the utter wisdom of the seven-year Mosaic jubilee, which allowed for the cancellation of (unpayable) debt between Israelites, the recommendation is to systematically destroy the zeros in national and international accounts. If this reduction of zeros is done systematically, people will be in the same relative position in which they were before the automatic accumulation of those zeros. Make no mistake. There is little or no real wealth behind those impressive zeros. Actually, there is much distortion in the natural accumulation of real capital: The favorite is the financialization of the world.

What are the functions of Wall Street in this scheme of things? Well, to talk bluntly, Wall Street has to refrain from using its political powers to thwart an organic pattern of community development. Wall Street performs best when local communities thrive. Immediate confluence of interests can be expected especially in the area of deregulation.

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