The current financial system is built on debt, especially mortgage debt. We can destroy that system (which it very much needs) without imposing any significant hardship on anyone (rich, greedy, privileged parasites will of course lose most of their assets, but then, they deserve to). Just recover publicly created land value by taxation, eliminate the debt money system, and replace it with an independent Mint whose sole mandate is to print just enough money to keep commodity prices stable, and deliver it to the Treasury to be spent into circulation.
It would be fairer and much more effective to recover the land value gains obtained since the land was last traded. Just exempt the rental value of each land parcel at the time of last purchase from taxation, and then phase out the exemption over a decade or two as the rising land rents resulting from explosive economic growth make it irrelevant. This would prevent anyone from losing any significant value or wealth that they actually earned and deserved.But socialising any gain from here on would be far less so.
More to the point, requiring landowners to repay what they are being given would stimulate them to use existing vacant and under-utilized urban sites more intensively, REDUCING the pressure to expand into greenfield areas.This would eliminate the fever of land speculation. It would also allow a shift in the burden of taxation. Perhaps as important, with the prospects of effortless increases in wealth removed, the UK might re-examine its planning laws. There is panic about the dire consequences of such a liberalisation of restrictions for the countryside. It is worth noting, however, how little is needed: an increase of just three miles in the radius of London would raise the capitalís surface area by 50 per cent. Would this really be the end of Englandís green and pleasant land?
Well, everyone who has read this thread or the LVT thread knows it -- even if most of them refuse to know it.I do not expect any government to dare to wean the English from their ruinous trust in land speculation as the route to wealth. But I can hope. It is bad enough that the result has been expensive houses and inefficient taxes. But it is surely far worse that such insane speculative fevers have ended up destabilising the entire global economy. Even if few know it, it is time for a change.