The CP is a rejection of typical growth – Solves

As Australian economist, Peter Cooper, points out: In the present economic system, real resources are mobilized only on the say-so of the issuers or possessors of money, and only on their terms. No production, even for profit based on the exploitation of labor, takes place until finance is secured. It makes a great difference whether money is made available on our terms, by a democratically accountable currency-issuing government, or on the basis of private interests motivated narrowly by profit, facilitated by an unaccountable government. This highlights the need for fighting for a public banking and credit system, as a necessary part of a more accountable political regime. The fiat currency could and should be issued by a public authority as debt-free money. The current system of having money created by private banks as interest-bearing debt is unnecessary and dangerous. Even the industrialists and economists of the classical, “heroic” period of capitalism, the producers of things for profit (“Look at all the new, cheap and useful goods we have produced for you!”) thought that the proper role of banking and credit was to be a kind of service sector to the productive enterprises of the economy. Every society has understood the danger when that relationship is reversed. Because money is so important—the necessary conduit of value—in capitalist society, the tendency for it to become the focus of a primary profit-making activity is strong. The path to severe and inevitable crisis is paved when, instead of finance acting in the service of productivity, productive enterprises become pawns in financial enrichment schemes. This is the domination of financial capital over productive capital that classical capitalism shunned for the parasitism that it is, and that Lenin analyzed as the “highest [and “imperialist”] stage of capitalism.” It’s what contributed to our last financial crisis (as Michael Hudson has shown so persuasively), and its persistence makes inevitable the next one. Without careful management of debt and interest, and strict constraints on financial speculation and on financial institutions dominating the economy, the tendency toward the hegemony of finance capital becomes an irresistible force. Everything in our history and experience screams the need for public, debt-free money creation, and MMT makes the logic of it clear.