“The love of money is the root of all evil” since biblical times can be explained today by the fact that the love of money is the love of power which money confers to the rich. Today, that power is being abused through corruption at all levels of society.
The money which is conferring the power is actually fake money, not real money. Real money is created with the production of real goods and is therefore limited. Fake money is limitless, created by central banks “out of thin air” in a fiat currency system to finance government deficits. Deficits do not matter with fake “modern money”, until they matter eventually in economic collapse.
Not backed by any real production, fake money which the public cannot distinguish from real money, is eventually spent for real goods and services. Not all spending is good for the economy, as Keynes would have it [1].
Inflation is always and everywhere a phenomenon of wasteful and unproductive spending, caused by fake money and by irresponsible credit created from it. Trillions of retirement savings will evaporate with inflation caused by fake money and wasteful spending, which does not lead to adequate production.
Socialists imagine that governments can spend and distribute wealth wisely to boost economic growth, but empirical evidence contradicts this idea, because bigger governments have had lower economic growths across the world [2].
When governments get the fake money today, their politicians and executives do not benefit immediately from the theft. The bureaucrats spend the fake money to rescue banks, to pay social benefits and for public works and to make purchases from corporations, which then make abnormal profits, some of which are recycled back to corrupt politicians and executives through the “revolving door”. Corruption is a notion completely eliminated from economics textbooks.
Big government runs big deficits, distributes big wealth and succumbs to big corruption. One world government would be an economic disaster, as evident historically for totalitarian states and also during crises with fake money. Crisis creates opportunity to steal.
In the global financial crisis (GFC), fake money was created to “save” the global financial system, making and rescuing many billionaires of big banks [3]. In the recent COVID-19 pandemic, fake money was created to buy lethal “vaccines” from pharmaceutical companies, enriching genocidal billionaires and eliminating “useless eaters”.
Fake money has captured not only governments but education and research, leading to fake science [4], false economic paradigm [5] and a farce of fake regulation [6].
Fake money begets power and power begets stolen money through corruption, in a vicious cycle of ever increasing fascist kleptocracy. The grotesquely rich are not people who produce, but people who steal. The “root of all evil” is fake money which is also associated in the ages with the falls of great empires.
Fake money is klepital which is stolen capital. Capitalism is not failing, but rather it is klepitalism which is failing, as the kleptocrats are controlling the world today. They create more crises for more opportunities to increase their klepital.
Unfairness in wealth inequality is not due to capitalism [7], as Marx and socialists would have it, but due to klepitalism. Klepitalism must be ended by ending fake money, if greater economic destruction is to be avoided for all. Otherwise, fake money will be used to enslave most of humanity.
[1] “A scientific revolution of Keynesian economics: US evidence” 26 January 2014; available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2389304
[2] “Capitalism and economic growth across the world”, Journal of Insurance and Financial Management, Vol. 5, No. 5, 2022 pp. 23-32; available at: https://journal-of-insurance-and-financial-management.com/index.php/JIFM/article/view/225/pdf
[3] “Implications of the Global Financial Crisis”, Journal of the Economics and Business Educators NSW, Issue No. 2, 2014, pp. 26-34; available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2520661
[4] “Global Destruction by Fake Science”, Principia Scientific International, 5 July 2022; available at: https://principia-scientific.com/global-destruction-by-fake-science/
[5] “Endogenous Crisis and the Economic Paradigm”, Real-World Economics Review, Issue no. 59, 12 March 2012, pp. 67-82; available at: http://www.paecon.net/PAEReview/issue59/Sy59.pdf
[6] “The Farce of Fake Regulation: Royal Commission Exposed Australia” 17 May 2019; available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3375629
[7] “Pluralism of Cognitive Dissonance and Creeping American Socialism”, 18 January 2016; available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2716961