At least someone is trying to put some words to the music, although this is disappointing:
Capitalism is not a static way of life but a dynamic process that consumes everything, transforming the world into profit and wreckage. Now that everything has been fed into the fire, the system is collapsing, leaving even its former beneficiaries out in the cold. The answer is not to revert to some earlier stage of capitalism – to go back to the gold standard, for example; not only is that impossible, those earlier stages didn’t benefit the “99%” either. To get out of this mess, we’ll have to rediscover other ways of relating to each other and the world around us.
I don’t even know what “capitalism” is, and I don’t think anyone else does, either. I have an idea of what the “free market” is. It is almost nothing like the currently collapsing system. It isn’t a “system” at all.
It isn’t “impossible” to return to a gold standard. That assertion is just ridiculous. And maybe the first “rediscovered” way of “…relating to each other and the world around us…” should not begin with asking who is going to “benefit” over whom, whether it is the 99% or the 1% or anyone in between. It is very much the wrong question.
But I confess the gold standard doesn’t seem to be going anywhere as an idea, and that I don’t really know how to sell it. My thought in drafting the 28th amendment was that, if coupled with across the board 100% debt relief, the gold standard would be as appealing as it could possibly be. At least that was one thought. And maybe it is, which might mean that no matter what you do it isn’t all that appealing.
People complain about the plutocracy, or the plutonomy, even some of the plutocrats:
Bill Moyers is a smart guy, but I still think he has it backwards: the problem isn’t that money has corrupted politics; it’s that politics has corrupted money.
Maybe a better argument is not to extol the virtues of the gold standard, but to point out the vice of not having it: politicized money.
(h/t Clark Dever, one of my Facebook friends)