Superbonus 110% – The invisible currency

Text written by Carlo Freccero and read by Claudio Testa in the Senate Conference held on 8 September 2022 entitled “Beyond the Superbonus for an economy of well-being”.

SUPERBONUS 110% – The invisible currency

There are fundamental problems that we ignore because they are carefully kept out of mainstream discourse and mainstream debate in newspapers and on television. They are not on the media agenda. When we are faced with a problem that is not at the center of the scene, we tend to unconsciously ignore it. The reason is clear: that theme does not officially exist. And the media agenda is not 'natural' it is not innocent, but it is always the result of manipulation.

Today I would like to talk about a subject that does not enjoy good press because its real meaning is regularly misrepresented. I am referring to the 110% bonus, apparently only a measure to revive the economy through construction, but of which no one has underlined the real meaning: to create money, on credit to break the vicious circle of debt money that is always destined and only to the impoverishment of the state and citizens. Another thing that people ignore is that the inventor of the Bonus 110 is neither a politician nor the representative of some lobbies, but a group of money theorists, belonging to the Moneta Positiva association, of which Fabio Conditi is President. In this terrible economic crisis, the POSITIVE MONEY association has made a decisive contribution to the achievement of two important objectives. With the DL. 142/2019 obtained the creation of a public bank, through Medio Credito Centrale. With the DL 34/2020 the establishment of the Superbonus 111/0% with which, for the first time, the tax credits become transferable to all, giving rise, in fact, to the issue of circulating currency without creating debt.

If the Superbonus 110 had been implemented, rather than ditched by Draghi, it would have represented a great instrument of independence vis-à-vis the euro and the European rules, of which Draghi is the guardian. In fact it was an economic success. However, we are so conditioned by the mainstream that, in a time of degrowth and economic crisis, we cannot imagine anything else, to overcome the liquidity emergency, than a European loan, in view of which politicians are slaughtering and fighting each other like dogs around. to a bone.

A long conditioning has accustomed us to think of the availability of money only in terms of debt. We have been instilled with a number of false myths. The state must not have monetary sovereignty because, if it could print money at will, it would create inflation. The state is a family and, as such, it must not live beyond its means. The state must repay the public debt and all of us citizens should accept the austerity that comes with repaying the debt. Hence the question that everyone is asking: how can we honor the debt? The questions we should ask ourselves are different and, if we delve deeper into the subject, we would discover an inverted truth: debt money is necessarily a source of impoverishment. On the contrary, if the state issued money directly, there would be neither scarcity nor public debt. In the current context, then, the concealment of this structural truth is joined by the diktat of the Great Reset of Davos which, on the basis of a green agenda that has nothing scientific, but very ideological, wants to proceed to a new beginning. However, this Reset presupposes the zeroing of the existing economy starting from the destruction of small and medium-sized enterprises, both agricultural and industrial, to make us completely dependent on multinationals. It is a design against us that has been instilled in us as a virtuous path, so much so that most of us ask for more ecology, more digitization, more health vigilance and, therefore, more biopolitics. If degrowth is what we want, an expansive measure like the Superbonus cannot fail to be targeted.

On these issues, Overton's window has gone so far that today it would not be possible to cancel them from the political debate. The result is that the parties that still survive can do so because, in fact, they embrace the ideology of the ruling class, carving out only small spaces of difference, to make themselves recognizable in the electoral seat. For its part, the opposition to the ruling parties found a reason for dissent in the war, which the Overton window was unable to completely clear customs in a short time, given that the war scenario broke in after two years of fully dedicated conditioning. to sanitary conditioning. But opposition to the war is not enough. War is also a part of the ongoing process of economic destruction. Today, doing truly politics could instead mean discussing the fundamental problems: money, ecology, digitization to completely overturn their meaning, as did the twentieth-century critical thinking with the problems of the time.

In the current context, however, the word 'Politics' has a negative meaning and is seen as the tool of a caste of professional politicians to appropriate public resources. It is therefore not surprising that, in this context, the true meaning of the Superbonus has not been understood. Bonus 110 was presented to us in several ways. In a positive sense as a gimmick to revive the real economy through construction. In a negative sense, such as yet another favor to the rich who, having liquidity, can anticipate expenses, then drawing large profits from it. In a derogatory sense as yet another opportunity for enrichment for the usual suspects. But, as I understand it, no one, at least in the mainstream press, has emphasized its function as a de facto exchangeable and circulating currency.

Money is a taboo subject, but while the people ignore it, the elites are well aware of it. It is no coincidence that the Draghi government went straight to the problem to cripple the Superbonus, without apparently penalizing it. In order for a credit to become de facto money, its circulation is necessary. Draghi has formally left the bonus alive, severely limiting its sale and that is circulation. The justification is the same: the measure lends itself to scams, everyone speculates, it is necessary to moralize the system, enough with favors to the caste. The people, used to thinking in terms of scarcity and debt, automatically felt impoverished by the usual speculators and participated in the negative chorus.

Strangely, however, the bonus, which was said in favor of a few and to the detriment of the state coffers, had extremely positive economic results for the state itself, proving that the current crisis can only be overcome by overturning the false financial theories based on austerity and debt. The results are public.

I quote the data of a study on Nomisma's Superbonus, founded by Romano Prodi, who cannot be accused of anti-system sympathies:

– the Superbonus led to an increase in employment in the construction sector for a total of 634 thousand employees;

– the 38.7 billion euros of the Superbonus generated an economic value of 124.8 billion euros, equal to 7.5% of GDP, with an economic multiplier of 3;

The state, therefore, gains from it because the increase in tax revenue produced by economic growth is much higher than the tax deductions granted.

Do we really want to give up a measure that has only produced benefits for the country?

I hope not.

Carlo Freccero

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The article Superbonus 110% – The invisible currency comes from ScenariEconomici.it .

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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/superbonus-110-la-moneta-invisibile/ on Sat, 10 Sep 2022 15:36:05 +0000.