Michael Hudson on what's economically ideal

From Yellen's Daydream:

"You want to make sure that everybody can support their basic needs without running into debt. If somebody has to run into debt to get medical care, to feed themselves, to get housing, as they do in the United States, then they’re going to end up as a dependent class and lose their liberty. You want to create an alternative kind of society – not just a different economy, but a different society where people will not lose their liberty. It will be a public right to have public health, the ability to have housing of your own, to have an education of your own without running into debt.

"A lifetime of debt occurs in the United States where running into a lifetime of debt means that you have to take a job, no matter how little it pays and end up basically working in the financial version of debt dependency and feudalism. The West has sunk back into a kind of feudalism, financialized feudalism, neo-feudalism. You want an economy that doesn’t have a feudal rentier society, and you do this by preventing families and companies from getting rich by rent-seeking, getting rich without producing anything, but simply by exploitative means.
You want to make economic statistics that distinguish predatory exploitation from actually making a profit.

"You don’t want to consider what an absentee landlord gets is adding to the national product, because that’s really just siphoning off income from the renters away. You want everyone to be able to have their own property, ultimately without running into debt.

"The best way to do that, instead of financing property with mortgage credit, you need a tax on rent-yielding resources. You need a land tax, a monopoly tax, a natural-resource tax and a financial tax. The tax system is absolutely critical to creating a really ‘free market’ such as the classical economists sought to create. It’s the opposite of the kind of free market that the United States and Europe talk about – that is a market free for Wall Street to do whatever it wants with the rest of the economy, free for monopolists to charge whatever they want, free for creditors to foreclose on the property of their debtors. You have a whole different concept of what a free market is, a different concept of what freedom is, a different concept of what human rights are and natural rights, and a different concept of what should be public infrastructure.

"All of this is a different way of thinking about how the world evolves, and you need to develop that alternative and to share it so that other countries can realize, ‘yes, there is an alternative to the America’s bank-run economy’. This is the outline of an alternative and our governments are going to create administrative agencies and regulating principles that promote overall welfare, not simply financial welfare. The real economy, not the financial claims on the real economy."