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January 30, 2013


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Hi Jodi. Thank you for posting this - I will definitly read the entire article. My initial response is that you would have to seize control of the state (and the federal reserve in the US)in order to buy all the shares of outstanding/ publically held equity.Where I think it breaks down (assuming you could pull off the initial steps) is the idea of a "common fund" that reestablishes a “tamed” capital market on a socialized basis. It would seem the very notion of capital markets has been done away with. And the transition that the author wishes to make less "catastrophic" would throw our economic relations into chaos. This may be the goal or may in fact be necessary for what needs to be accomplished - I'm not sure. But it certainly would not reassure the millions of people who would no longer be employees or small business owners or bureaucratic technocrats. This would indeed be a new world, one that would at least initially require some form of centralization. And as you previously referenced, the threat of oligarchy.

All that being said I am thrilled that people are actually trying to envision what an alternative would look like - what would actually have to take place in the world of finance and banking. Given my real world life, this actually gives me some hope. Thanks.

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