The current monetary and financial system is morally rotten to the core

“The first step is to recognize that money is not the only or even the most useful measure of inequality or value. It’s not even an adequate measure of capital, because the most valuable capital is the opportunity to create value by freely cooperating with others.

The current system is a centralized hierarchy. Centralized hierarchies work great for those at the top of the wealth/ power/ security/ opportunity pyramid. The top 10% with most of the wealth, power, security and opportunity look down and declare that since the system works for them, it works for everyone. They gaze at the few who clamber up the pyramid to join their ranks as proof the system works for everyone with the right stuff: smarts, dedication, and so on.

Needless to say, these same people hold the wealth and power, so they’re not about to let anyone else change the system lest they lose their spot on the top of the pyramid. Since they’re smart, dedicated, etc., they can easily conjure up a limitless list of reasons why the system is sound and needs only modest reforms.

But whether the top 10% recognize it or not, or like it or not, the system is unjust. It is morally rotten to the core. Any system in which the only possible output is poverty of opportunity and inequality is rotten to the core.

But the system’s moral corruption isn’t the most pressing problem. The truly pressing problem is the five dictates listed in the introduction are eroding the system from within. The more we pursue these five dictates, the more we hollow out the system from within.”

A Radically Beneficial World: Automation, Technology and Creating Jobs for All: The Future Belongs to Work That Is Meaningful, p. 10, by Charles Hugh Smith