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Date:         Thu, 15 Oct 1992 17:59:00 CST
From:         "NAME 'Robert E. McElwaine'" <MCELWRE@UWEC.BITNET>
Subject:      DEMOCRACY FOR ECONOMICS

                           DEMOCRACY FOR ECONOMICS

               Much has been said and written about the virtues of
          democracy.  The United States CLAIMS to have it, and has been
          SELF-RIGHTEOUSLY trying to IMPOSE it on other countries such
          as Grenada, Nicaragua, Panama, even Kuwait and Iraq.  Other
          western countries also CLAIM to be democratic, and democratic
          reforms have been sweeping the communist world.

               But a TRUE democracy can NOT exist, in the United States
          nor anywhere else, unless and until the PRINCIPLES of demo-
          cracy are FULLY applied TO ECONOMICS, where they COUNT the
          most.

               Economic democracy for the United States has three main
          requirements, which should also be established in ALL other
          countries.

               First, ALL corporation$ must be REPLACED with COOPERA-
          TIVES.  Simply change the federal and state corporation laws,
          so there is one vote per share HOLDER, rather than per share
          of stock.  REPLACE the bank$ and $aving$ and loan a$$ocia-
          tion$ with CREDIT UNIONS in the same way, so there is one
          vote per depositor and shareholder.

               Second, require the ELECTION, rather than appointment,
          of ALL financial, economic, and banking officials.  For
          example, the person occupying the position now held by Alan
          Greenspan should be periodically and directly ELECTED on a
          national level.  There could even be added a 4TH BRANCH of
          government, for "Banking and Finance".

               Third, establish a GUARANTEED MONTHLY INCOME, just
          enough for basic food, clothing, and shelter costs, given to
          each and EVERY person REGARDLESS of his or her wealth, wages,
          salary, or other earnings.  CREATE the money for this OUT OF
          "THIN AIR" by simply having computers OFFICIALLY print out
          and mail monthly allowance checks.  IF THERE'S A WILL,
          THERE'S A WAY.

               A fourth supplementary provision would be a 4-DAY (32-
          HOUR) WORK-WEEK.  This would distribute the available useful
          work more evenly, fairly, and DEMOCRATICALLY among everyone
          who wants it, and give most employees an extra day each week
          for themselves and their families.  SIMPLY CHANGE THE FEDERAL
          AND STATE OVERTIME LAWS, FROM 40 TO 32.  Reduce this by one
          hour every year down to a 14-hour work week, as automation
          expands, and inefficient, worthless, or harmful jobs, such as
          in cigarette factories, and the military, are phased out and
          eliminated.

               Such applications of DEMOCRACY to economics would
          eliminate or greatly reduce many of the problems now plaguing
          the People of the world--starvation, malnutrition, homeless-
          ness, poverty, poverty-induced crime, unemployment, the need
          for the legalized- EXTORTION and ARMED ROBBERY of alimony and
          "child support", even taxation, etc., ETC..


               The present banking $y$tem in the United States ALREADY
          has a complex, perhaps misleading way, of creating money out
          of "thin air", involving the "Open Market Committee" of the
          PRIVATELY-OWNED "Federal" Reserve System, discounting proce-
          dures, loan procedures, interest rates, etc..

               The problem with it is that the few powerful banker$
          DICTATE which people or enterprises receive this new money,
          and what it may be used for, and then demand that it all be
          paid back to them, PLUS interest, AS IF THIS NEW MONEY
          BELONGED TO THE BANKER$ ALONE!  And the paper "currency" that
          we now use is NOT even real currency, because it is not
          redeemable in gold or silver on demand.

               Consider the ABSURDITY of such a money system,
          especially in a country that is SUPPOSED TO BE "free and
          democratic"!

               Consider also the ABSURDITY of forcing People to compete
          against each other for a chance to "earn" the things they
          need and should receive regardless.  Look what happens to the
          losers of such competition and their families!  Even the
          "winners" are SLAVES, when they have to settle for work they
          don't really want, and are forced to submit to the WHIMS of
          their bo$$e$.  They are also SLAVES to the extent that they
          are UNDERPAID for their work.

               Newly created money should be PERMANENTLY and democra-
          tically distributed to ALL of the People, who are much better
          qualified than the banker$ to spend it properly.

               It is high time to stop being HYPOCRITES about freedom
          and democracy, and start fully applying these two principles
          TO ECONOMICS where they COUNT the most.


               UN-altered REPRODUCTION and DISSEMINATION of these
          IMPORTANT ideas is ENCOURAGED.


                                         Robert E. McElwaine
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