| Photo by Jonathan Cooper on Unsplash
Part XX of the “Back-to-Basics Governance” Series
Fate has given President Biden a golden opportunity to change the American economy into “Cooperative (Co-op) Capitalism.” Yes, starting with the banking industry.
The present failures of two large banks in California’s Silicon Valley and New York City are a once-in-a-lifetime chance for a POTUS to “reinvent” in his first term the American economy. And especially the financial sector.
Last February 5, 2023, this column presented the topic of “Co-op Capitalism” and “Medicare for All” Can Be Achieved by 2030. Readers may browse at this link.
Here is what this columnist (again) wrote: QUOTE. It is time likewise to replace “Crony Capitalism” with “Cooperative Capitalism (aka Co-op Economics).” The stockholders must be forced to sell two-thirds of their equity to employees’ co-ops and the consumer-stakeholder co-ops (including subscribers or patients) at one-third each. Then each group will nominate a third of the firm’s Board of Directors. This means that governance should go back to basics by pursuing the turning of vital industries like petroleum (energy), healthcare, pharmaceuticals, housing, and agriculture into Public-Private Partnerships (PPP) as a national policy.
How do the present stockholders get paid immediately? The Federal Reserve Bank (FRB), the U.S. version of a Central Bank, can purchase the bonds of these people-organized cooperatives, labor co-ops, credit unions, or co-op pension funds. At the height of the COVID-19 pandemic, the FRB bought billions of dollars worth of Corporate America’s bonds and/or corporate IOUs. The same can be done with cooperatives. UNQUOTE.
“The present failures of two large banks in California’s Silicon Valley and New York City are a once-in-a-lifetime chance for a POTUS to “reinvent” in his first term the American economy. And especially the financial sector.”
On November 2, 2022, this columnist summarized a series of proposals for creating a “Biden Back-to-Basics Doctrine” and for President Biden to use it to change the world economy. Here is the article: Plain Folks Can “Reinvent” Economics and Achieve Progress for Many Countries.
The said article carries the link to nine articles written starting on December 25, 2020, to February 3, 2021, (only) on how a “Biden Back-to-Basics Doctrine” could change not only capitalism in the United States but also the “Crony Economics” of the world.
More articles are in this column about President Biden and the suggested “Biden Back-to-Basics Doctrine.” But so far, there is not even a single acknowledgment of receipt of any of the articles by and from, The White House Press Office.
But it does not matter, for the series of column articles about the “Biden Back-to-Basics Doctrine” had been shared in more than 40 different Facebook Groups. The published articles cannot fit in a single volume. This columnist and his friends are pooling their resources to turn the many suggestions for President Biden into a series of books. We are discussing having Volume III at its book launch, hopefully by the Summer of 2024.
Here is a blurb in the November 2, 2022, article: Suppose President Biden and his Cabinet can start the “Ecolvironmics” (Economics based on reinventing the Ecology and the Environment). In that case, he can start finalizing the blueprint for genuine international cooperation for turning the Third World into a developing economy.
