I have proposed in my financial treatise that, if we follow the logic of inflation to its end, we should have some twenty times the purchasing power per hour worked than we actually do. This leads, in turn, to the logical conclusion that if we can survive on forty hours of work now, we should be able to survive on two hours in an actually well constructed, just economy.
This conclusion leads, in turn, to the necessary conclusion that unemployment is unnecessary, and that generalized prosperity should be our lot, such that no social “safety nets” would be needed for anyone who does even a minimal amount of work.
These are shocking conclusions, but in my view valid. Main Street should be twenty times more robust, and Wall Street and the Federal Government one twentieth the size they actually are.
The more I think about this, the more I think that a large part of the reason Germans are able to maintain economic well being and still afford their social “safety nets”–agree or not in principle, they are plainly there–is that they maintain monetary discipline. They have since the Second World War. This is Austrian School Economics, which holds that expanding the monetary base will always favor a few and punish the many.
The Austrian School, in important ways, is the most egalitarian of creeds; and Keynesism, intended to support supposed egalitarianism in the form of socialist polity ruled by a technocratic elite, is the most elitist.
Socialism IS elitism. This point needs to be made clearly.