Top: Getting Money Right

Democratic Sovereignty

Stanley Dundee

2018-12-07 v. 1

How to relocate monetary sovereignty to democratic control and away from predatory rent-seeking private bankers must be be a central topic for post-capitalist study. Public investment boards are suggested as a policy that would place the power to create money for investment in democratically elected public hands.

The technical challenges are daunting. Especially given the corruption of so many important institutions and the failures of trust. There's a long chain from the sovereign to the plurality of local care-giver institutions where most of the care should be given. The trick is to keep it wide and not let plutocratic parties intervene and divert the flow of resources.

Let's bridge that gulf with a plenitude of public investment boards of respected elders and others to vet proposals from care-givers, mainly for wage lines, but also for purchase and divergence to public stewardship from private property assets such as buildings, transportation, utilities, etc.

Proposals would roll up to the sovereign, where the funds are winkled then sluiced back down to the care-giving originators. Audit requirements by the sovereign would accompany the flow of sovereign funds. Public Investment Board elections would be held in the manner of school board elections. Let's make these local elections fully democratic by carrying them out entirely with paper ballots hand-counted in public. On a proper holiday; we could call it Democracy Day! What politician could oppose that?

As we gain experience with Public Investment Boards at the local level we could scale to county, regional, state, and federal boards of public investment.