From Gold to Golden Rule Citizenised Central Banking
ISBN: 978 0 948229 48 0
Citizenised central banking is the idea that monetary policy functions currently carried out by central banks will become embedded in the behaviour and judgements of individual citizens. A corollary of this is that humanity’s historical reliance on gold will be superseded by such behaviour becoming informed by the ‘golden rule’. The ‘rule’ was originally formulated by a chancellor Gordon Brown as follows: “Over the economic cycle, the Government will borrow only to invest and not to fund current spending.” However, it can also be understood more widely to mean that economic orientation no longer derives from gold but from the ability to discern money as an ‘articulated’ phenomenon in which the monetary functions of spending and investing are clearly differentiated from one another and from the allocation of the surpluses that are inherent in the economic process.