Far as my model and its money, or currency, for a long time this is as far as I got. Part of the success of my work as a conceptual art is that it is understood by some people and they have expressed my thoughts for me. This was the case with both iterations of the flag and the case with the design of the paper money. Early on I myself drew a bill that had on it an astronaut and the phrase: “In Science Salvation”.
It wasn’t until I reinvented the Transcendia Currency specifically to make the Transcendia Passport Manifesto better and salable to the masses that I began a much more in-depth study of economics and finance. The Transcendia Insurodollar was invented before I did my readings. It was invented from what I knew from living and operating my NYC Grip Truck business.
One of the first things I learned about real business was that insurance was the difference between a real business and something fly by night and vulnerable. People in real businesses understand insurance. The currency of Transcendia is based entirely on human capital. The model nation of airports is essentially a confederation of same flagged, secure, standardized islands. A portion of the equity of these policies is used as the basis of the currency. I combine the functions of the Treasury and the National Insurance Company.
Every citizen is given a Whole Life Policy at birth or buy in. It is when they are cheapest. It is used for all circumstances you need insurance as an individual. If you grow up covered and educated and reach the age of maturity, called majority, and are entering into a career you are fit for by destiny and education, then you begin to pay into the system.
I have a problem with start up money. My plan to make movies that were profitable enough so I could pay for national territory airports has not worked out. My project does not seem to fit well into Kickstarter campaigns and I have no support from spies or mercenaries or much of anyone. I’m glad I was fired by Piedmont though I ought have sued them for it. Personally it meant that I ended up working in Manhattan on movies and TV shows and music videos and worked my way up to Director of Photography. It was work I liked. That my career was on the East Coast and not in Hollywood is in some part to blame for limited successes.
That I was removed from the ramp meant I was removed from a position where from I might have by now recruited more supporters. It is not as if those who work in Ground Services have had any hopes of improving their lots much in the past 40 years since I was most involved in that work. It is another of the areas where there are jobs but wages haven’t gone up in 40 years. In fact wages of even union workers in motion pictures, especially in NYC have gone down.
My overall work life is just a perfect story in that when out of High School and the Community College Education I got, from hard labor in construction by the time I was 50 I was returned to doing what I did when I was young and strong, construction. It wasn’t exactly the same but it was the same. “Renovations” are still carpentry and construction.
The movie I shot as Director of Photography didn’t come out for over 10 years after I shot it. I took to telling youth that working your way up the ladder was not a very good plan. Sure it is that what you know is more firmly grounded in real experience, but the way the world has turned out is that you are going to have it easier and go further if you can pay for an expensive education shared with well off youth you get to make friends with. Rich people don’t give money to poor people. Rich people don’t know any poor people with nothing but Community College educations. I don’t have the time here to go into all that jazz, the point of this letter is that I took up a serious study of finance and economics driven by my modeling of a new nation.
I bought a Textbook, I bought books about crashes and somehow came across the website Naked Capitalism, and from there discovered Michael Hudson the author of “Killing the Host”.
Now I know that it was Warren Mosler that started all that has become a School of Economic Thought for he paid for it to become the Economics Department at the University of Missouri at Kansas City. What has happened is that Warren Mosler’s Economic Truths were named Modern Monetary Theory. He is considered the founder of Modern Monetary Theory, though Stephanie Kelton named it, from what I can tell. Randall Wray is also vying for the position as inventor of MMT.
There is a lot of “Cultural Lag” associated with the understanding of what is real about Economics. Post WWII an economist who I think had been the Fed Chairman wrote down how the Treasury worked. Governments spend money first and tax later. Governments create the currency and they can destroy the currency. “Finances are Finite, and Economics, are infinite.” is the way a found to put it most simply. If I said that “Finances are Finite and the Treasury has nearly infinite power, that’s a longer sentence.
Back in the days of King Alfred the Great he did need to collect taxes from England’s coastal businessmen and take that money to pay the army and arm it and train it and buy it boats to go and kill and hack the Danes who kept showing up in fast boats and raping and pillaging and going back to Viking land with their loot.
WWII and the US created a lot of currency to pay labor to make a lot of airplanes and tanks and all the tools of war. They could have done so all along the way but simply didn’t think it through. As it works out the Nation with Sovereign Wealth, meaning a nation that makes its own dollars, lira, Drachma’s, pounds, or whatever can buy whatever it is in services or goods that is for sale in their currency. The limits occur when their is a shortage within their orbits of what they want or need for sale in their currency. There was a shortage of factory labor during the war for before the war men did the factory jobs. Women did the jobs of men because the men were in the Army fighting on two fronts.
So, anyway, it became clear during the war that the US wasn’t going to run out of money.
Now Warren Mosler is running for Governor of the US Virgin Islands. In doing so he is demonstrating not that he just has revolutionized Economic Thought by pointing out the realities of where currency comes from and where it goes, but also becoming a Financial Engineer. He has moved to the Islands which are not at all a model and are at the extremes. I believe that he is motivated as are classic gentlemen motivated when they know the best ways that any particular engineering problem may be solved. For engineers the phrase “Best Practices” is big. When he said to the Italian “There is a right way, and a wrong way.” he was saying that there are best practices and you can’t expect to solve your problem using the wrong methods and just hoping things will work out. Politicians will often promise to do what everybody wants when everybody doesn’t know or even have an interest in doing things the right way.
“Let us just do it the wrong way for a little longer.” is what a lot of the power structure asks of governments all over the world anymore as regards fossil fuels. Reagan’s tearing Carter’s White House Solar panels represents the big money paying to keep on primarily the use of fossil fuels as the primary way of powering Western Civilization till all of it has been found or forced out of the earth’s body.
Burn everything up and it gets hotter. The Russians are all for it. So you have that problem the Trump Administration is imitating. As it was during WWII there is the time factor. In 1942 the US nearly ran out of time to defend and hold territory in the sea and on Pacific islands with what it had on hand. Had it not been for the fact that the US had broken the Japanese codes and was able to read their radio communications the US Navy would not have known where and when to find the Japanese aircraft carriers that they sank. During the extremes it is really clear to ignore what the intelligence tells you means death. “Let us just do it the wrong way some more.”
Warren Mosler knows all the best ways to use currency. When he says he is running for the position of Governor of the US Virgin Islands he says “It is a matter of conscience.” that drives him. One of my favorite writers is Nevil Shute who is best known for “On the Beach” an end of the world book. He used in his writings many English gentleman engineer sorts of sayings. “It offended me.” is what one of his characters would say and think when the wrong solution to a problem appeared in the story as something that had to be overcome. After getting some idea of the financial situation of the US Virgin Islands I can see why he would think “That’s not the right way to be doing it.”
I can see him thinking to himself, “It offends me they are going to go on and enter into contracts that are the wrong solution to real problems.
What I wanted from Warren Mosler, once I discovered he is the man, he is the man of it in regards to it, was vetting for my modeling and my concepts.
There is no way that I will be ever able to fully and best financially engineer the Transcendia Financial System. He’s not going to have time to deal with me as a creative economist and conceptual artist with the goal of founding a nation of airports meant to moderate somewhat international economic disparities till his campaign for Governor of the US Virgin Islands.
I’m also duty bound to do whatever it is I might to help him win. It will offend me if he is not understood by those who will have the opportunity to vote for him as the very best possible Governor they could ever have. We are in an era of nearly unrestricted Economic Wars Domestic and Foreign. Warren Mosler is the man most equipped to win at Economic War.
If I had had my way I’d have him running for US President and consider that the people of the US Virgin Islands had better recognize the chance they have to have the best man to be in a position of a Government Executive. And look at the guy! He’s always smiling! That has to be what the Islands have that many places simply make impossible. He’s not wealthy because he’s a grouch. He’s wealthy because he knows the reality of systems and acts accordingly.
I’ve watched him on YouTube, most recently in the Island Radio interviews. When he says he will go to the cruise lines and give them what they need so that they will bring the sources of wealth to the people on that island it is clear that he is the man who can make it happen. What the people of the US Virgin Islands want has to be a fun island of a strong civilization. I cannot see any way that his completion is going to offer that or be able to make it happen.
Now what is my status for saying so? Why should anyone listen to me? Okay, I’m the Founder of Transcendia. I’m widely read on subjects the founder of a nation better understand. I seek to know best practices and the real “Best People”. I’m serious. Just because I have a sense of humor don’t think I’m not a serious man. I was reading an article on some aspect of economics and the engineering of an equitable financial system and out of thee people mentioned I had corresponded with two of them.
When I was working at creating a vital watchable United Television I had a serious correspondence with the prior spokesman for Boutros Boutros Ghali Andre` Lewin who was at the time the Chairman of the French UN Association, but had been for France a lifelong effective and honored Diplomat. I found Andre` Lewin after reading his “Points for Reinvention of the UN” as published in the NYTs March 15, 2003.
I have said of Transcendia it picks up where the UN leaves off. I have told my wife that if nothing else, I can write a letter. This is a long one. Though I still have a lot to say I started out meaning to say that of the people I have read and researched, Warren Mosler is the man to watch. That he is willing to run for an elective office, one of the most stressful things anyone can ever do, is a big deal. If Warren Mosler is not elected there will in the US Virgin Islands hell to pay. Mr. Mosler’s competition has gone into borrowing from those who the US Virgin Islands the Government ought never need to borrow from. The relationship between businesses and the governments that are there to tax them and regulate them ought never be one in which the government is beholden to them, especially when the motivations are so transparently desperate and work to allow them to buy their office.
If for some reason Mr. Mosler was made no more wealthy than a man of labor, I believe he would still be a fine Governor. I’ve worked with and for all kinds of people and I believe by now I can tell.
P.S. Design credits for the flag of Transcendia go to George Heyward, a prominent NY night club designer. I worked with Chris Hickey at Page Avjet to make the first iteration of the flag and the one easiest to draw by hand. The design in this post of this Currency Note was created by a poet singer friend of mine Dave Ripton.