Multipolarity: Money And Debt As Public Utility Vs. The Vampire Squid

nakedcapitalism |  The important characteristic (of Russia and China) is that banking and finance are public functions. 

In modern (Anglo-Judeo-American) geopolitics, “democratic” means financialized. It is still, as Aristotle described, pre-oligarchic. But this dynamic is creditor-driven. And creditors not only control the supply of money and credit, but also the legal system governing creditor privileges (“rights”) to appropriate the assets and income of their debtors.

This financial dimension is the main characteristic neglected by modern political theory and popular language. It is important to stress that the antonym of “democracy” is not well described by pejorative words such as “autocracy” or other journalistic terms. 

There is no single term for a socialist state in which banking and debt laws are public utilities. But some term needs to be proposed – and “enlightened despotism” or “philosopher-king” state sound anachronistic. Or perhaps de-financialized state, social-credit state (problems with the SocCred movement), or social-creditor state.