Please! why does everyone refuse to see the wood in the trees?
There is one, and only one, main cause of all our economic woes. During the 1900's our stupid/corrupt politicians signed away the Sovereign "rights" , that allowed us to print and issue our own interest free, debt free money; and since then we have all become "debt slaves". Our rights to print and issue our own money out of thin air were ceded to private banking Corporations, thus now, we borrow all our money from them, and they simply print it out of thin air, and charge us interest for the privilege. Given the nature of our economic cycles, the booms and busts, it is virtually impossible for us ever to repay all such debts, especially since, when they print our borrowings, they do not also print the money to cover the interest repayments; this simple leverage constantly acts to keep us all "in debt".
These economic consequences were recorded centuries ago in the well known fable about the man who possessed a goose that laid "golden" eggs; he sold the goose for a paltry sum and forever thereafter he was destitute.
The remedy for our problems is simple; we abrogate any agreement previously made, reclaim our Sovereign "rights" to print and issue our own debt free interest free money. This simple remedy would permit the whole World to eliminate poverty, without taxing the rich, and at the same time add a continuously recurring means of sharing the Earth's natural abundance, a share that all humans have a right to expect. Money will act as "the rationing device" for this purpose, allowing the rich to go about their greedy acquisitional processes; leaving Government to impose sensible, rational, restrictions to limit the size of great personal or Corporate fortunes, thus maintaining the necessary control of total money in circulation.
This will enable us to stop income-taxing of individuals; we may pay everyone that needs it a social wage, based on a break even computation, this will eliminate poverty and deprivation; those in receipt of the Social wage will be encouraged into employment, without loss of this Social wage, and to work for any employer for additional income, mutually agreed between them. This gives control of work and income to the "workman". Employers will gain a workforce of people willing to accept much lower wages than previously paid, thus making the employer production costs significantly lower; plus, the employer no longer collects taxes for the Government. The employer Corporation/business will pay tax annually as usual. The collection of V.A.T. or G.S.T., consumer taxes will cease.
All Government expenditures will be provided by the planned issue of our own debt free interest free money using legislation and budgets approved by Parliament. Health, Education, University courses, Infrastructure of all kinds, etc. etc. None of this is "rocket" science; we would simply be using the functions of money for the benefit of everyone, instead of only for a privileged few. The free enterprise system stays intact, unaltered.
Provided that all of these expenditures are actually "spent" into circulation they will not create inflation; inflation will occur, for instance, when too much money chases too few "goods", perhaps when engineered through "Market Manipulations" when Government oversight and adjustment become necessary.
The Government must own and run it's own Public Bank, just like the original Commonwealth Bank of Australia or the State Bank of North Dakota, which decided not to sell out or "privatise". No Private Bank or Corporation will be permitted to create money, under any guise; our financial system will revert to one of "sound " money. Sound money is that which turns around sound borrowing, lending saving and investment, controlled by being liquid cash, backed by the ownership of assets, keeping them in balance; borrowing and lending outside of these criteria, characterised as "high risk", will be permitted between parties willing to accept such risk, and then, only when it involves their own wholly owned assets.
Interest rates in the private sector will be set by the private sector Banks in competition. The floating exchange rate will be converted into "fixed" rates decided by Government, and as decided between Sovereign Nations and embodied in trade agreements. Our currency will not be traded on "Exchanges", our Nation will be immunised against the manipulated predations of the "Market".
The foregoing explains the broad brush strokes involved, but in summary we would have a Nation with little or no foreign debt, a Nation whose domestic economy sits on a solid unshakeable base, a Nation better able to compete in the wider World, a Nation without poverty whose peoples are empowered to think and work for themselves without having to worry about how they will feed themselves, a Nation rescued from the avarice of the "Money Lenders", and above all, a Government able to be free and Independent, instead of being owned by Corporate and "private" money influence. This is named "The Universal Economy" because it will operate anywhere for the benefit of everyone.
For those who doubt the efficacy of this proposal, I suggest they study the United States example. The clever banking Corporations engineered the U.S. dollar to be the Worlds reserve currency. Ever since the U.S. has been printing money out of thin air, now they have military bases spread throughout the World, their dominance and control of Banking and trade organisations allows them to place whole Nations under siege, for that is what "sanctions" do, just like in mediaeval times. They have engineered the removal of democratically elected Governments and "regimes" not willing to follow the U.S. directives. They have made War against countless Nations using propaganda and outright lies and falsifications. In recent years they have printed trillions of dollars, called quantitative easing, and poured it into foreign banks and financial Institutions ( instead of into the hands of the destitute) trying to prevent the next economic meltdown; but it is not working because their printed money was not " spent" directly into circulation, instead it was used to inflate the prices of shares, commodity markets, real estate and the huge "derivatives" scams; the bust cometh.