ThePythonicCow
26th March 2017, 03:56
It's a common meme of the alt-finance commentators (aka gold bugs and Austrian economists) that:
Money is made up out of thin air by the banks.
It's surprising that the US Dollar isn't already hyper-inflating.
Fiat money, such as the US Dollar is backed by nothing, or it's backed by oil, depending on the commentator.
The world must and will return to "real money", backed by gold.
I am slowly coming to the conclusion that all of these memes are false.
It's not money that's made out of thin air. It's loans that are made out of thin air.
When a bank lends money, it creates a pair of offsetting book entries, cash now for promised debt repayments (or repossession of the collateral) later. This much I have written before here, several times. But what the offset really is, is not always what I had been thinking it was. More on that below.
My fresh insight is this. Fiat debt-money systems, such as we have now, are dynamic. One must study the flow, the source and sink, of the currency, not what does (or does not) supposedly back it. Such systems only work if they create a flow of something essential. There must be a source of the money (bank lending or new stock issuance being the most common sources), and a sink (something important that requires and sucks up money), and choke points or toll booths along the way, where the rich and powerful can become richer and more powerful.
There are several major such flows in the current US Reserve Dollar global monetary system.
Individuals (whose last name isn't Rothschild or Rockefeller) "owe their soul to the company store". They (we) are usually in debt, and working to pay off loans and mortgages. We're also working to pay taxes, which the governments over us collect, at gun point if need be, to pay off their debts. We're also working to purchase things (useful things like food and fuel) from major corporations that in turn own their size to bank lending and bank handled issuance of new stock shares.
When a corporation borrows money, they must pay it back, or go bankrupt. When a corporation issues new stock, they must thrive and remain profitable, or their investors might go bankrupt. Of course it's never the bank at risk. Much of what we pay for our food and fuel ends up as profits for the banks, either as loan repayment, or as investment service fees, or at the banks "trading desk", rigging the stock markets. Small time family businesses that don't play this debt and/or stock game are run out of business by major corporations such as McDonald's, Starbucks, Wal*Mart or Amazon, who are funded by the banks to make huge infrastructure investments that can drive down the unit cost and drive up the demand using advertising and marketing. No mom-and-pop store can compete with that.
When a major government borrows money, something different happens. They become obligated to collect taxes to pay on the debt, even if this means grinding poverty (aka "austerity") for the populace. If they don't play that game, then some department of dirty tricks buried in the western intelligence apparatus, working closely with some international banks department of dirty tricks, overthrows that government, and brutally murders its traitorous (traitor to the elite banksters) leader.
From about 1945 to 1970, the US Dollar was a leading national currency, in a world of multiple national currencies that could be exchanged for those Dollars, and those Dollars could in turn be exchanged, at least by other nations, for some of the gold in the US Fort Knox.
The US (and any other nation) can collect taxes from its own citizens, providing that essential "sink", that sucks up the money that was initially lent into existence.
But the US cannot (though it tries) tax the rest of the world. So some other "sink" was needed, to create the world flow of US Dollars, from source to sink, that could then be tapped into by those controlling some choke point.
There were two major such sinks created, one of them with the Petro-Dollar.
(1) What happened with the Petro-Dollar is that Saudi Arabia and other OPEC oil exporting nations were strong armed (carrot: a gold Rolls, booze and women; stick: die young) into selling their oil only for US Dollars, and then "investing" most of their trillions of US Dollar profits in US Treasuries held in New York. The Saudi's will never see most of those US Dollars again. Never. Those US Dollars effectively went into a black hole. This was the equivalent of a world tax, imposed by the big Western banks and the US military and "black ops" intelligence agencies, on the most heavily traded and essential commodity in the world - oil.
(2) The other major sink for the US Dollar was forcing other nations to repay their debts in US Dollars. The big Western banks controlled the supply of large scale lending, and would only issue debt in US Dollars. The Economic Hitman, John Perkins, has documented how this was done, in some detail. Many nations have been driven into bankruptcy, sometimes repeatedly, since World War II, under debt burdens imposed by these operations. These nations end up "privatizing" any resource or income stream of value, for the long term benefit of the western banksters, corporations, and their controlling elite bastards.
But gold, as commonly understood, is not the answer, and will not be the solution.
In a time long ago and far away, gold and silver were apparently "real" money, traded in physical metal form by individuals, businesses and governments. In those times, silver was often the actual coin most commonly used in smaller purchases, and gold was a longer lasting store of value. Paper money, if overprinted by some government, would be sucked back out of circulation ... to buy gold. That was at least one of the essential ways that the necessary flow was created - the source and sink creating a flow of something people and businesses needed. Taxes and tithe were other ways, of course.
Then in the century prior to 1970, Pounds and Dollars would become no longer primarily valuable (in demand) because one could get "real money" (gold and silver) for them. Rather they became increasingly required by individuals and corporations to pay taxes and repay debt.
Thus for the last couple of centuries the British Pound, and then the US Dollar, became the dominate currencies in circulation. Gold became a decreasingly small part of global finance. Following the Bretton Woods Conference (https://en.wikipedia.org/wiki/Bretton_Woods_Conference) in 1944, only national governments could still get gold for their dollars.
When Rockefeller's agent Henry Kissinger, under their US Presidential puppet Richard Nixon, took the US Dollar totally off any gold standard and instituted the Petro-Dollar, in the early 1970's, this instituted the second leg of the stool supporting the US Dollar.
When the US invaded the "Golden Triangle", where Thailand, Myanmar (ne Burma), and Laos meet in the "Vietnam War" of the 1960's,
funded and gained control of the drug business in Latin and South America (Columbia, Mexico, et al) and
invaded Afghanistan in the "War on Terror" of the last sixteen years,this instituted the third leg of the stool supporting the US Dollar, a monopoly position in an estimated trillion dollar world drug business, which provided all manner of opportunity to source, sink, and steal US Dollars on a massive scale.
All these, and many other overt and covert military and intelligence operations, world-wide, provided a fifth leg of the stool supporting the US Dollar.
Let me briefly enumerate these legs again. The US Dollar has been needed to: repay Dollar denominated national and corporate debts,
buy oil,
buy heroin and derivative drugs, and
buy US arms (or protection from US arms.)
When one says that a currency is "backed by" gold, that means that one can exchange paper for gold, or gold for paper, as much as one wants. This makes the paper as valuable as however much gold its denominated to represent.
The US Dollar has not been "backed by" oil. Rather dollars have been in demand to pay for oil imports. That demand has sucked up dollars from the world monetary system, and sent those dollars back to the New York banks, where they would never be seen again. The Petro-Dollar helped create the essential flow of money in circulation (and hence was subject to sundry toll takers, at every available choke point.)
Of course, this cannot continue forever, and it must end badly. It cannot continue for (at least) three reasons.
(1) Fiat debt-money systems inherently need to keep growing the outstanding debt. More and more, exponentially more (US debt has doubled every eight years, for decades) debt must be extended, to make payments and interest on existing debt and to fund whatever economic activity is needed to keep the system going. Eventually, the promised future returns so far exceeds anything that can possibly be attained that the system collapses. Every possible resource or possible source of future income is promised to pay off some debt, there is nothing left worth lending against, no one left eager to take out more loans who is likely to repay those loans. Then, at a time and place of the big banks choosing, the increasingly liberal debt issuance is pulled back. A world economy that has become totally addicted to the crack cocaine of high finance and collateralized rehypothecated debt has its crack removed. The hangover, the withdrawal symptoms, will be epic, as I expect we will soon be seeing.
(2) The second reason that the US Petro-Dollar's status as the world's "reserve currency" cannot continue much longer is that a key element of that monetary system, massive world-wide trade in oil, is coming up on a major reset. The cost, in energy, to extract energy, from oil wells is rapidly rising. When one barrel of oil could be spent to drill a well that returned one hundred barrels of oil, that was a wonderful source of cheap, abundant, energy. When one barrel of energy spent drilling returns only, say, five barrels worth of energy useful for manufacturing, transportation, heating or other purposes, then that puts us back to about the economic time of burning wood, and supports a much smaller world economy.
(3) This is no way to run a (real, productive) business. An ever increasing portion of the "business of America" is financial speculation, as our real productive ability, on our farms and in our factories, declines. It is this real production that ultimately must provide the promised stock profits, bond earnings, and promised social benefits. Once the promises rise sufficiently, as the reality declines precipitously, it will become obvious that the system is collapsing.
Either some dramatically new energy source will be unveiled to the public, in the coming few years, based on physics and technology currently hidden from us, or the world's economy (and population) will collapse back to an earlier time.
For these two reasons, King Dollar, and the Century of American Exceptionalism it has financed, are coming to the end of their life. The elite bastards know this well, and are ramping up the internal conflicts and divisions within the US, along whatever fault lines they can pry open. As in "urban renewal", the old buildings must be torn down, to build the new. Just think of 9/11 as (in part) an urban renewal project. The elite bastards use conflict and chaos to gain the control they want to carry out such projects.
I see no way that we will return to a "real" gold standard, in which the common man trades in gold and silver coin. Even now in India, the common man usually trades in paper currency - the Indian rupee, as demonstrated by the chaos that ensued when the Indian government changed which rupee notes were valid tender.
Rather it seems that some new fiat debt-money system will be instituted, in which many existing debts, including pensions, insurance plans, stocks and bonds, and promises social services, will default, and in which the US Dollar will become just another national currency, of a country with a massive trade imbalance. Gold will apparently play some role at some high level, in an unclear way, mostly I suspect as just another way for the banksters to rip off the rest of us, and to mark the new world pecking order of nations. Instead of the US supposedly having the largest gold stores, it will be China. The new world monetary system will surely be more digitized than paper in form, the better to keep track of us sometimes unruly peasants and to put the squeeze on any person, corporation or government that can be squeezed for more plunder.
Once the US Dollar system can no longer rely on any of
any pretense of increasingly bankrupt nations to continue to make debt payments in US Dollars
the increasingly energy-inefficient world petroleum market,
the willingness of the rest of the world to tolerate the US heroin business, or
the willingness or ability of the rest of the world to fund the US arms business,
then the US fiat reserve dollar world monetary system collapses.
All this will be coming soon to a theatre near you (though in the form of lies, deceipt and propaganda, no doubt.)
Oh - one more "pump" of the current Dollar system is due to collapse. Ever since at least President Lyndon Johnson's promises to the American people of a "Great American Society" and actually back to President Franklin D Roosevelt's promise of federal retirement funding to Americans, one of the ways that money has been kept in circulation, buying stuff on debt and generating tax and revenue streams to fund more taxes and debt payments, ... the promised future benefits have continued to expand, increasingly beyond anything that can be payed out.
Soon Americans are going to learn the value of "real savings", the old fashioned way, in what one has, in what one knows, in what one can do, in one's health, and in the value of the friends, family and neigbors one can trust. This "spending pump" on more and more inessentials, because we are trusting in the government to be there for us in times of need, sickness, or old age, will break down.
===
Most of the above I, or others, have likely said before. Two key new (well, relatively new to my awareness and perhaps new to my writings) ideas are:
The "petro" in "petro-dollar" was playing a key role as one of the ways that lent dollars were (permanently, as the Saud's are learning) removed from circulation. It was a sort of "global tax" imposed by the Rockefeller controlled US government and banks.
It's debt and fraud and theft all the way down. Our once gold backed currencies are long gone, and I see no going back to real gold backed money. Rather another fiat debt-money system, this one "digitally connected to the Web", will replace the current US Dollar fiat debt-money system.
===
One of the two fundamental things that one has to study in order to understand how a fiat debt-money system are the dynamics of the flow - what creates the currency, what keeps it moving through the economy, and in particular what vacuums it back out of the economy (taxes, stolen oil profits, whatever.)
The other fundamental thing that one has to study is how the various forms of debt attached to that new money are used to enslave humanity, to gain controlling interest over every resource and revenue stream worth the banksters effort.
===
The economy of the coming century will depend on what technology and energy supplies are brought forward into wide spread use.
Unfortunately, it seems to me at present that either: We humans do not replace oil with an even more abundant and energy efficient source of energy, and human civilization collapses back to a previous century (or millenia), or
Sufficiently abundant energy and technology are brought into wide spread use to create another economic "miracle", in the decades following the ensuing collapse.
The first alternative, [A], obviously sucks.
However it seems to me that the second alternative, [B], has equally dire challenges. For it seems that with the advent of such technology, the need for common laborers and workers to keep the economy going, will collapse.
We will need a fundamentally new economic system if we are to provide a way to keep our civilization's economy working well, providing for billions of people, if most of those people are "inessential" (aka useless) to the economic order.
I highly doubt that our current institutions of higher learning or leadership have the insight or intent needed to conceive or accomplish this, at least not in any way that serves the rest of us well.
Money is made up out of thin air by the banks.
It's surprising that the US Dollar isn't already hyper-inflating.
Fiat money, such as the US Dollar is backed by nothing, or it's backed by oil, depending on the commentator.
The world must and will return to "real money", backed by gold.
I am slowly coming to the conclusion that all of these memes are false.
It's not money that's made out of thin air. It's loans that are made out of thin air.
When a bank lends money, it creates a pair of offsetting book entries, cash now for promised debt repayments (or repossession of the collateral) later. This much I have written before here, several times. But what the offset really is, is not always what I had been thinking it was. More on that below.
My fresh insight is this. Fiat debt-money systems, such as we have now, are dynamic. One must study the flow, the source and sink, of the currency, not what does (or does not) supposedly back it. Such systems only work if they create a flow of something essential. There must be a source of the money (bank lending or new stock issuance being the most common sources), and a sink (something important that requires and sucks up money), and choke points or toll booths along the way, where the rich and powerful can become richer and more powerful.
There are several major such flows in the current US Reserve Dollar global monetary system.
Individuals (whose last name isn't Rothschild or Rockefeller) "owe their soul to the company store". They (we) are usually in debt, and working to pay off loans and mortgages. We're also working to pay taxes, which the governments over us collect, at gun point if need be, to pay off their debts. We're also working to purchase things (useful things like food and fuel) from major corporations that in turn own their size to bank lending and bank handled issuance of new stock shares.
When a corporation borrows money, they must pay it back, or go bankrupt. When a corporation issues new stock, they must thrive and remain profitable, or their investors might go bankrupt. Of course it's never the bank at risk. Much of what we pay for our food and fuel ends up as profits for the banks, either as loan repayment, or as investment service fees, or at the banks "trading desk", rigging the stock markets. Small time family businesses that don't play this debt and/or stock game are run out of business by major corporations such as McDonald's, Starbucks, Wal*Mart or Amazon, who are funded by the banks to make huge infrastructure investments that can drive down the unit cost and drive up the demand using advertising and marketing. No mom-and-pop store can compete with that.
When a major government borrows money, something different happens. They become obligated to collect taxes to pay on the debt, even if this means grinding poverty (aka "austerity") for the populace. If they don't play that game, then some department of dirty tricks buried in the western intelligence apparatus, working closely with some international banks department of dirty tricks, overthrows that government, and brutally murders its traitorous (traitor to the elite banksters) leader.
From about 1945 to 1970, the US Dollar was a leading national currency, in a world of multiple national currencies that could be exchanged for those Dollars, and those Dollars could in turn be exchanged, at least by other nations, for some of the gold in the US Fort Knox.
The US (and any other nation) can collect taxes from its own citizens, providing that essential "sink", that sucks up the money that was initially lent into existence.
But the US cannot (though it tries) tax the rest of the world. So some other "sink" was needed, to create the world flow of US Dollars, from source to sink, that could then be tapped into by those controlling some choke point.
There were two major such sinks created, one of them with the Petro-Dollar.
(1) What happened with the Petro-Dollar is that Saudi Arabia and other OPEC oil exporting nations were strong armed (carrot: a gold Rolls, booze and women; stick: die young) into selling their oil only for US Dollars, and then "investing" most of their trillions of US Dollar profits in US Treasuries held in New York. The Saudi's will never see most of those US Dollars again. Never. Those US Dollars effectively went into a black hole. This was the equivalent of a world tax, imposed by the big Western banks and the US military and "black ops" intelligence agencies, on the most heavily traded and essential commodity in the world - oil.
(2) The other major sink for the US Dollar was forcing other nations to repay their debts in US Dollars. The big Western banks controlled the supply of large scale lending, and would only issue debt in US Dollars. The Economic Hitman, John Perkins, has documented how this was done, in some detail. Many nations have been driven into bankruptcy, sometimes repeatedly, since World War II, under debt burdens imposed by these operations. These nations end up "privatizing" any resource or income stream of value, for the long term benefit of the western banksters, corporations, and their controlling elite bastards.
But gold, as commonly understood, is not the answer, and will not be the solution.
In a time long ago and far away, gold and silver were apparently "real" money, traded in physical metal form by individuals, businesses and governments. In those times, silver was often the actual coin most commonly used in smaller purchases, and gold was a longer lasting store of value. Paper money, if overprinted by some government, would be sucked back out of circulation ... to buy gold. That was at least one of the essential ways that the necessary flow was created - the source and sink creating a flow of something people and businesses needed. Taxes and tithe were other ways, of course.
Then in the century prior to 1970, Pounds and Dollars would become no longer primarily valuable (in demand) because one could get "real money" (gold and silver) for them. Rather they became increasingly required by individuals and corporations to pay taxes and repay debt.
Thus for the last couple of centuries the British Pound, and then the US Dollar, became the dominate currencies in circulation. Gold became a decreasingly small part of global finance. Following the Bretton Woods Conference (https://en.wikipedia.org/wiki/Bretton_Woods_Conference) in 1944, only national governments could still get gold for their dollars.
When Rockefeller's agent Henry Kissinger, under their US Presidential puppet Richard Nixon, took the US Dollar totally off any gold standard and instituted the Petro-Dollar, in the early 1970's, this instituted the second leg of the stool supporting the US Dollar.
When the US invaded the "Golden Triangle", where Thailand, Myanmar (ne Burma), and Laos meet in the "Vietnam War" of the 1960's,
funded and gained control of the drug business in Latin and South America (Columbia, Mexico, et al) and
invaded Afghanistan in the "War on Terror" of the last sixteen years,this instituted the third leg of the stool supporting the US Dollar, a monopoly position in an estimated trillion dollar world drug business, which provided all manner of opportunity to source, sink, and steal US Dollars on a massive scale.
All these, and many other overt and covert military and intelligence operations, world-wide, provided a fifth leg of the stool supporting the US Dollar.
Let me briefly enumerate these legs again. The US Dollar has been needed to: repay Dollar denominated national and corporate debts,
buy oil,
buy heroin and derivative drugs, and
buy US arms (or protection from US arms.)
When one says that a currency is "backed by" gold, that means that one can exchange paper for gold, or gold for paper, as much as one wants. This makes the paper as valuable as however much gold its denominated to represent.
The US Dollar has not been "backed by" oil. Rather dollars have been in demand to pay for oil imports. That demand has sucked up dollars from the world monetary system, and sent those dollars back to the New York banks, where they would never be seen again. The Petro-Dollar helped create the essential flow of money in circulation (and hence was subject to sundry toll takers, at every available choke point.)
Of course, this cannot continue forever, and it must end badly. It cannot continue for (at least) three reasons.
(1) Fiat debt-money systems inherently need to keep growing the outstanding debt. More and more, exponentially more (US debt has doubled every eight years, for decades) debt must be extended, to make payments and interest on existing debt and to fund whatever economic activity is needed to keep the system going. Eventually, the promised future returns so far exceeds anything that can possibly be attained that the system collapses. Every possible resource or possible source of future income is promised to pay off some debt, there is nothing left worth lending against, no one left eager to take out more loans who is likely to repay those loans. Then, at a time and place of the big banks choosing, the increasingly liberal debt issuance is pulled back. A world economy that has become totally addicted to the crack cocaine of high finance and collateralized rehypothecated debt has its crack removed. The hangover, the withdrawal symptoms, will be epic, as I expect we will soon be seeing.
(2) The second reason that the US Petro-Dollar's status as the world's "reserve currency" cannot continue much longer is that a key element of that monetary system, massive world-wide trade in oil, is coming up on a major reset. The cost, in energy, to extract energy, from oil wells is rapidly rising. When one barrel of oil could be spent to drill a well that returned one hundred barrels of oil, that was a wonderful source of cheap, abundant, energy. When one barrel of energy spent drilling returns only, say, five barrels worth of energy useful for manufacturing, transportation, heating or other purposes, then that puts us back to about the economic time of burning wood, and supports a much smaller world economy.
(3) This is no way to run a (real, productive) business. An ever increasing portion of the "business of America" is financial speculation, as our real productive ability, on our farms and in our factories, declines. It is this real production that ultimately must provide the promised stock profits, bond earnings, and promised social benefits. Once the promises rise sufficiently, as the reality declines precipitously, it will become obvious that the system is collapsing.
Either some dramatically new energy source will be unveiled to the public, in the coming few years, based on physics and technology currently hidden from us, or the world's economy (and population) will collapse back to an earlier time.
For these two reasons, King Dollar, and the Century of American Exceptionalism it has financed, are coming to the end of their life. The elite bastards know this well, and are ramping up the internal conflicts and divisions within the US, along whatever fault lines they can pry open. As in "urban renewal", the old buildings must be torn down, to build the new. Just think of 9/11 as (in part) an urban renewal project. The elite bastards use conflict and chaos to gain the control they want to carry out such projects.
I see no way that we will return to a "real" gold standard, in which the common man trades in gold and silver coin. Even now in India, the common man usually trades in paper currency - the Indian rupee, as demonstrated by the chaos that ensued when the Indian government changed which rupee notes were valid tender.
Rather it seems that some new fiat debt-money system will be instituted, in which many existing debts, including pensions, insurance plans, stocks and bonds, and promises social services, will default, and in which the US Dollar will become just another national currency, of a country with a massive trade imbalance. Gold will apparently play some role at some high level, in an unclear way, mostly I suspect as just another way for the banksters to rip off the rest of us, and to mark the new world pecking order of nations. Instead of the US supposedly having the largest gold stores, it will be China. The new world monetary system will surely be more digitized than paper in form, the better to keep track of us sometimes unruly peasants and to put the squeeze on any person, corporation or government that can be squeezed for more plunder.
Once the US Dollar system can no longer rely on any of
any pretense of increasingly bankrupt nations to continue to make debt payments in US Dollars
the increasingly energy-inefficient world petroleum market,
the willingness of the rest of the world to tolerate the US heroin business, or
the willingness or ability of the rest of the world to fund the US arms business,
then the US fiat reserve dollar world monetary system collapses.
All this will be coming soon to a theatre near you (though in the form of lies, deceipt and propaganda, no doubt.)
Oh - one more "pump" of the current Dollar system is due to collapse. Ever since at least President Lyndon Johnson's promises to the American people of a "Great American Society" and actually back to President Franklin D Roosevelt's promise of federal retirement funding to Americans, one of the ways that money has been kept in circulation, buying stuff on debt and generating tax and revenue streams to fund more taxes and debt payments, ... the promised future benefits have continued to expand, increasingly beyond anything that can be payed out.
Soon Americans are going to learn the value of "real savings", the old fashioned way, in what one has, in what one knows, in what one can do, in one's health, and in the value of the friends, family and neigbors one can trust. This "spending pump" on more and more inessentials, because we are trusting in the government to be there for us in times of need, sickness, or old age, will break down.
===
Most of the above I, or others, have likely said before. Two key new (well, relatively new to my awareness and perhaps new to my writings) ideas are:
The "petro" in "petro-dollar" was playing a key role as one of the ways that lent dollars were (permanently, as the Saud's are learning) removed from circulation. It was a sort of "global tax" imposed by the Rockefeller controlled US government and banks.
It's debt and fraud and theft all the way down. Our once gold backed currencies are long gone, and I see no going back to real gold backed money. Rather another fiat debt-money system, this one "digitally connected to the Web", will replace the current US Dollar fiat debt-money system.
===
One of the two fundamental things that one has to study in order to understand how a fiat debt-money system are the dynamics of the flow - what creates the currency, what keeps it moving through the economy, and in particular what vacuums it back out of the economy (taxes, stolen oil profits, whatever.)
The other fundamental thing that one has to study is how the various forms of debt attached to that new money are used to enslave humanity, to gain controlling interest over every resource and revenue stream worth the banksters effort.
===
The economy of the coming century will depend on what technology and energy supplies are brought forward into wide spread use.
Unfortunately, it seems to me at present that either: We humans do not replace oil with an even more abundant and energy efficient source of energy, and human civilization collapses back to a previous century (or millenia), or
Sufficiently abundant energy and technology are brought into wide spread use to create another economic "miracle", in the decades following the ensuing collapse.
The first alternative, [A], obviously sucks.
However it seems to me that the second alternative, [B], has equally dire challenges. For it seems that with the advent of such technology, the need for common laborers and workers to keep the economy going, will collapse.
We will need a fundamentally new economic system if we are to provide a way to keep our civilization's economy working well, providing for billions of people, if most of those people are "inessential" (aka useless) to the economic order.
I highly doubt that our current institutions of higher learning or leadership have the insight or intent needed to conceive or accomplish this, at least not in any way that serves the rest of us well.