Mainstream economics is ritualistic --- https://pbs.twimg.com/media/CwWp1vYWQAEQcLo.jpg:large What kind of a society is it? * Central coordinating role of money as a means of daily settlement of maturing promises * Central coordinating role of finance as a means of daily valuation of future promises * Central coordinating role of banking as a means of daily allocation of credit, who gets purchasing power for their vision of the future * Processes of settlement/valuation/allocation as central rituals, reproducing modern society and the relationship of each individual to it * Institutions of settlement/valuation/allocation as the (largely hidden) infrastructure of modern financialized society --- We should change the rituals. Society doesn't value me or Crawfraud or Syrians being bombed indiscriminately by the Russians, because of rituals. Market valuation relies on rituals. Once we recognize that the basis of mainstream economics is ritualistic, we are free to change the rituals so that we can value individuals more. We can create rituals that allow a money-creation-funded basic income, without sacrificing ourselves to ritualistic hyperinflation. We can institute indexation rituals to maintain purchasing power no matter what nominal prices do. In England currently, imported goods prices are inflating because the pound is devaluing on foreign exchange markets. But that devaluation is a ritual, not a physical law. We don't need to let the rituals of traders dictate our prices. We can index UK incomes to a customizable basket of goods. If a UK resident puts an imported good in their basket, then their income is automatically adjusted to allow them to continue to spend the same percentage of their income on that imported good. The devaluation of the pound has nothing to do with production capacity. The devaluation of the pound has nothing to do with the money supply. Traditional economic stories about the causes of inflation, i.e. that inflation is caused by money-printing and scarcity, are not applicable. Mainstream economics treats inflation as a necessary ritual to punish ppl. But we can reject such rituals. We can substitute kinder, gentler rituals.