The coronavirus pandemic is one the greatest tragedies in the history of the world. Each day, more become infected without vaccination or cure, and the death toll rises. The climbing death toll exposes the most basic of tasks to the most immediate dangers. Frontline workers such as delivery drivers, truckers, waste managers, farmers, and clerks, who were always the most important worker in our economy, now expose themselves to grave danger. Already, countless workers have gotten sick or died due to exposure at their place of employment.
The frontline worker is the backbone of our economy. But our economy is now in peril.
America is experiencing the most rapid job loss in its history. In the coming months, many small businesses, banks, and corporations could face bankruptcy leaving even more Americans unemployed and without a stable source of income. Comparisons to the Great Depression could seem apt.
The American Economy is in need of a Renovation after the coronavirus pandemic is contained. Renovating the American Economy will be one of the greatest tasks for the millennial generation and possibly any generation in the history of the world, with the exception of one, who defeated the Third Reich.
Our time is coming closer as both the extremity of economic collapse grows and more become unemployed.
America is our great House. It has provided generations of poor and tired with shelter. We must protect and renovate this House as if each of us had an ownership stake.
In my book The Post Pandemic Economy, I outline a seven-point plan to begin the long and difficult road to Renovation. This plan re-evaluates the failure of Global financial and economic institutions including the failure of the debt-based economic order.
-Reestablish the Nation-State as Economic Center.
-Develop a National Capital Bank to Act as An Exchange for Private Investors and Finance Large Infrastructure Projects
-Eliminate reporting requirements and tax regulation for companies less than three years old and minimize administrative restrictions for non-accredited investors.
-Establish an International Monetary Authority (IMA) to act as the central treasury for the world.
-Make rapid advances to economic data gathering, collection, and processing.
-Provide grants to small business and entrepreneurs funded through better coordinated private philanthropy.
-Provide a Debt Jubilee for specific debt accrued by State Governments and Local Municipalities.
In The Post Pandemic Economy, I argue for a key point. The age of the Federal Reserve system is over and must be replaced by a more efficient equity-based economic order. Replacing The Federal Reserve is a new constellation of Global financial institutions led by an International Monetary Authority who controls a Gold-backed basket to facilitate currency exchange. Instead of one unelected or unaccountable institution that controls the World’s money system as a lender to Nations, the International Monetary Authority helps each Nation define their own reserve currency that is trade-able in the world economy.
In addition to the Renovation of global institutions, America must Renovate local financial and economic systems of capital to better support an equity-based economic order. This includes the creation of a National Capital Bank that replaces the Federal Reserve’s regional affiliates and coordinates public-private equity investment into firms and large infrastructure projects.
I also propose a new mechanism for cross-border labor migration that facilitates an end to labor shortage by aligning on-demand labor to a country’s capital available for production. Instead of a deleterious system of “open-border” policy that allows American labor to be undercut, I propose a system of coordination among Nation-States that allow temporary labor migration based on labor shortage.
The “Renovation” of The American Economy will be a renewed fight for The American Dream. For the millennial generation, this New American Dream could be something more than a white picket fence. The New American Dream should include a greater degree of wealth and prosperity that means a greater amount of real assets for the worker. Let’s make the worker rich. This is no small task given the magnitude of the pandemic-led economic crisis, but we must fight for IT!