Is HVPCS Too Radical For The Democratic Party?? What About The Left?
I've been following with great interest the debate here over High Value Platinum Coin Seignoirage (HVPCS), as well as Letsgetitdone's fantastic and tireless effort to promote HVPCS as an alternative to Democratic/Republican austerity. Heck, I've even done a blog post or two over at my blog on the issue. My question is not on the legitimacy of HVPCS or the process, but in the way it is being sold and the potential audience to sell it.
It appears to me from reading LGID's essays that he seems to believe that the Democrats and/or President Obama can be pressured to accept and enact HVPCS in the event of an economic or political crisis, in spite of the principled conservative positions of the Treasury Department and Obama's own history as a Third Way corporatist Democrat. As a long time Independent Leftist who left the Dems well over 20 years ago due to their "me too" economic philosophy (among other things), I'm not so sure that approach would be so fruitful.
I would ask for a different, more radical approach: What if HVPCS was integrated into a far more radical critique of capitalism as a whole, and a solution in which the goal was not simply reforming the economic system, but full scale redistribution and radical adjustments to the political and economic system? What if the $60T (or $100T, or even $1Q) platinum coin was incorporated into a broader Left policy agenda which included shifting of government resources and revenue from defense and social surveillance/prison/social engineering to social welfare and fair compensation, social infrastructure, and egalitaianism? Should the audience for promoting HVPCS be the same Wall Street denizens who are simply not going to accept it because they are too committed to the same old tired austerity agendas of the deficit hawk Center and supply-side/hard money Right? Maybe the real dialogue should be with people of the Left (like, for instance, Left Business Observer's Doug Henwood) or organizations of working class and poor people who have suffered the most from austerity policies, rather than the middle-class professionals?
Also...I wonder whether or not the fear of HVPCS getting under the power of the very people it was intended to protect us from could be muted by rooting it within a broader Left program of regulation (and even outright nationalization or decentralization) of Wall Street and corporations, the return of the concept of "ability to pay" tax reform, and the move towards "sustainable growth". I really don't think that the Democratic Party as a whole will be the place where MMT/HVPCS will break through; but a potential independent Left political structure could be the perfect vehicle for challenging traditional austerity memes.
Again, I'm not challenging the legitimacy of the HVPCS solution....indeed, I am enthusiastically for it. I just want to pose an alternative stategy on how to sell it to the American people.