[P2P-F] Fwd: Edward Miller on demurrage and land tax

[Michel Bauwens]

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From: Facebook <update+pjiidwm at facebookmail.com>
Date: Sun, May 8, 2011 at 2:25 PM
Subject: Edward Miller commented on your link.
To: Michel Bauwens <michelsub2004 at gmail.com>


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Hi Michel,
Edward Miller commented on your link.
Edward wrote: "Ah. So you are referring to demurrage only, and not a Tobin
Tax or the like? Doing so would require that the demurrage currency be made
official legal tender, and likely even something that it is impossible to
compete with. Yet, I'm not quite sure how demurrage would change things
substantatively since we already have inflationary money and the banks who
lend interest simply take this into account and peg their interest rates to
a certain amount above inflation. ALL capital allows you to make compound
interest. In truth, there are only really two factors of production: human
activity and land. Capital is merely stored-up labor. The P2P Foundation has
mentioned ideas like Open Source Ecology and self-replicating 3D printers.
If you make a 3D printer and sell the produce, and then use the proceeds to
buy more 3D printers... that is EXACTLY the same thing as interest. Indeed,
by the definitions of political economy, interest is a return on capital
(stored-up labor). Loans are no different. The problem with the rich is not
that they make loans. It is that they have all these unjust privileges from
the government. Their most important privilege is their eternal
sovereignties over land. All the other privileges, like patents and whatnot,
merely rob you first.... but the Land Monopoly is the "Robber Who Takes All
That is Left." If we removed patents without removing the Land Monopoly, the
rents from land would increase by exactly the amount of productivity gained
from the abolition of patents."

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