The introduction and conclusion of the link are two pieces of bread with the beef being everything in between. The "beef" being everything needed to present a top level abstraction of the system entities and their function. An top level abstraction view of what the existing financial system "is" and "does" and what it should be as a purpose oriented system of things and actions to serve the public Franchisor.
Slow reading but totally comprehensible. In my rambling and roaming of the World Wide Web I have run into "good stuff" from Cornell before. This adds much to that.
The introduction is a "water is wet" example. The greatest deception of finance is its best trick. The need to explain the trick over and over in the simple introduction tells the magnitude of the simple false perception that must be overcome. The "beef' describes the real system and then as a logical next step lays out the structure and function of a better one to serve the purpose.
Our purpose. The public purpose. The We the People purpose. To bad that China has a trademark on "People's Republic"!
The link has much to study but I can see the simplicity that it all parses down to when all the top level entities their attributes and their methods are presented in a relational Object Oriented Model.
Throughout the link "Debt" is Money but the term Debt is used. It is entirely about a Debt based system. The twist that it takes from the Intro to the Conclusion however points to one unsaid thing: When the People as a franchisor employ a debt based conceptual object called money it is in fact their "Asset" and the Franchisee is the counter party Liability holder. The Public loans its Asset to the the Debtor and has the right of ROI Return On Investment for what they own.
Without calling it a paradigm shift to Debt Free Money it appears to me that is essentially what the link is all about at my first parsing.
This link is worth much!
Franchise.
https://en.wikipedia.org/wiki/Franchising
I had not considered Debt Free Money from the viewpoint of a Franchise conceptual structure.
Looking at it that way is this then the concluding summation of the link?>>>?......
The Finance Sector is currently the Franchise holder and We the Franchisee.
The new conceptual model makes Us the Franchise holder and the Finance Sector the Franchisee.
The result of the current model is that the Finance Sector is in charge of things and will therefore manage them and their functions to benefit itself.
Kind of like the Central Partners model for Private Equity Investment?
Our entire Finance System might therefore be and implementation of that model?
The same model that Yves devotes so much attention to at http://www.nakedcapitalism.com/?
"The Finance Franchise Robert C. Hockett and Saule T. Omarova, SSRN. “[T]he sovereign public acts effectively as franchisor, licensing private financial institutions to earn rents as franchisees in dispensing a vital public resource: the public’s monetized full faith and credit.” What fun!"
The model where "Private Equity" is really something created by the entity that should be the Franchisee in the system but becomes the Franchisor because they are creating their own wholly owned "Franchise Free" business on the side with money that does not come from the Franchisor?
Is that cheating? Maybe simply violation of a "Non-Compete" clause? Who then are they competing with?
The owner and interests of the real officially established Franchisor.
We the People!
Because we say so. We said so. It is proclaimed to be self evident.
The Finance Franchise
Robert C. Hockett
Cornell University - Law School
Saule T. Omarova
Cornell Law School
August 8, 2016
Cornell Legal Studies Research Paper No. 16-29
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