Bailout Bonds - Take it to the People
Direct Democracy
Our indirect American system of democracy is supposed to, from what I understand, prevent the tyranny of the majority from harming the rights of the minority and to allow a rational deliberative process removed from the 'heat of the moment'. Instead unfortunately what we have gotten is an ever-enlargening scope of government power where special interests 'rent-seek' their way into redistribution or policy favor.
The $5 trillion (so far!) bailout of finance (depending on how you measure it) is just another example. When the US joined World War One the government went out and raised money directly from the people for the effort, the debt they issued was called War Bonds (the same was done for World War Two, but by then the government wasn't that concerned about running deficits for the 'public good'). People bought and held war bonds to show their support of the country's effort in war. Workers wonders if people would be willing to the same for Bailout Bonds?
Our indirect American system of democracy is supposed to, from what I understand, prevent the tyranny of the majority from harming the rights of the minority and to allow a rational deliberative process removed from the 'heat of the moment'. Instead unfortunately what we have gotten is an ever-enlargening scope of government power where special interests 'rent-seek' their way into redistribution or policy favor.
The $5 trillion (so far!) bailout of finance (depending on how you measure it) is just another example. When the US joined World War One the government went out and raised money directly from the people for the effort, the debt they issued was called War Bonds (the same was done for World War Two, but by then the government wasn't that concerned about running deficits for the 'public good'). People bought and held war bonds to show their support of the country's effort in war. Workers wonders if people would be willing to the same for Bailout Bonds?
posted by Cameron Weber at 8:24 AM
