Covid-19 Economics: Beyond Austerity and Debt-Finance

So to the question ‘how will humanity’s collective household pay for Covid-19?’ my answer is neither to squeeze the poor, nor to squeeze the future by closing your eyes and believing in the magic of the money tree. Instead, I’d suggest you look out your old spade and hoe from the back of the garden shed. There’s work to be done.

Time has Come to Nationalize the US Fossil Fuel Industry

There are many ways in which such a nationalization effort could be implemented. It could follow the path adopted during World War II, when Congress enacted laws authorizing federal takeovers. But it could also take other pathways as seen in recent nationalization attempts, including the ones implemented in response to the Great Financial Recession.

Money Through the Looking Glass

Many of the severest crises we’re facing at present – e.g. climate instability, biodiversity collapse, the depletion of vital resources, and the dangerous compromise of ecosystem health through the spread of waste plastic and other pollution – stem directly from economic expansion hitting against ’hard’ limits in the physical world.

Reclaiming Public Control of Money-Creation

Most people don’t really understand how money is created and what political choices are embedded in that process. As a result, the privatization of money-creation is largely invisible to public view, and the anti-social, anti-ecological effects of privately created, debt-based money go unchallenged. 

Money for the People

Local initiatives can lead to modest gains in sustainability, but not the large-scale transformation we need. Meeting that challenge will require, among other critical factors, substantial changes in how we create and use money. As its history demonstrates, money is a social and political construct. It is the privatization of money—and not money itself—that has fueled social exploitation and environmental destruction.