I sent this to another list. It elabourates my concept of democratic
banking.

Harry



---------- Forwarded message ----------
Date: Fri, 9 May 1997 00:20:27 -0400 (EDT)
From: Harry Veeder <[log in to unmask]>
To: POST-KEYNESIAN THOUGHT <[log in to unmask]>
Subject: Individuals as "Personal mini-banks"


Greetings to all.

I'm new to this list. I have no formal training but I consider myself to
be an amateur economist with a special interest in the philosophy of
value, price and money.

Here is a political and economic strategy for ensuring everyone has
enough money for living (independent of employment income) and without
using taxes:

I believe it is both theoretically possible and politically essential
to view every individual as operators of their own personal mini-banks.
Each person would be able to cover their essential living costs by
being allowed to issue a finite number of "loans" per year to businesses in
return for their products and services.

My question is:

Are there any important theoretical and/or technical difficulties to
regulating an economy with hundreds of millions of banks instead of with
just hundreds banks?

Politically, it would help in the creation of a Open Society ( Re:
Sir Karl Popper)

I would like to hear your comments and criticisms. I'll be
be away from my computer until Sunday or Monady.

regards.

Harry Veeder