Monday, February 8, 2010

Equity Unions as they relate to a "Public Asset Fund"

His "public asset fund" has very similar intentions, I think.

Let me comment on the concept as you have presented it:

For what it is worth, government ownership is not going to be very popular, and is unnecessary. Why do we need the government to own the assets? If we can turn the property and capital over to the government why can we not instead turn those assets directly over to workers' cooperatives with funds collected by the government. Why do we need the government to administer? They merely need to facilitate.

Secondly, we must be vigilant and careful about Capitalists selling or otherwise ceding obsolete capital assets to workers. ESOPS are a good idea for workers, but have disadvantages. They don't deal withe physical/economic realities of local disinvestment and they do not address the issues associated with Corporate/Union partnerships in damaging sectors such as military contracting, alcohol and tobacco production and distribution, etc.

Let me clarify, if not reiterate, the definition of a Bank is that it is investor owned. By contrast savings banks and credit unions are depositor owned.

Among the purposes of an equity union is to evolve us away from an investor "class", non-workers who live off capital gains and dividends. Rational and purposeful (for meeting community needs and reasonable wants) Equity participation, sharing, and granting would replace speculative equity investing, equity trading, and lending (usurious by definition and certainly in practice).

In essence, the main purpose of an Equity Union system would be to evolve the private sector into a quasi-public One.

We also need to abolish the Federal Reserve. Let the Treasury make direct allocations to community equity unions instead of allocating financial capital to Investor owned banks.

Please pass this communication on, if you deem such appropriate.

Let me know what Dave thinks of my ideas, and by all means encourage him to contact me directly.

Thanks for writing.

Take good care.

In Peace, Friendship, Community, Cooperation, and Solidarity,

Mike Morin

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