Guest:  Dr. Armen Papazian;  Topics: Innovative economics for space development financing and economic management.  Please direct all comments and questions regarding specific Space Show programs & guest(s) to the Space Show blog which is part of archived program on our website, www.thespaceshow.com.   Comments and questions should be relevant to the specific Space Show program. Written Transcripts of Space Show programs are a violation of our copyright and are not permitted without prior written consent, even if for your own use. We do not permit the commercial use of Space Show programs or any part thereof, nor do we permit editing, YouTube clips, or clips placed on other private channels & websites. Space Show programs can be quoted, but the quote must be cited or referenced using the proper citation format. Contact The Space Show for further information. In addition, please remember that your Amazon purchases can help support The Space Show/OGLF. See www.onegiantleapfoundation.org/amazon.htm.   

We welcomed back to the program Dr. Armen Papazian to update us as to a new way of thinking about money and economics and changing our mindset away from creation of money via debt instruments to doing so with equity investments.  Dr. Papazian has uploaded several of his recent papers on this subject to the blog and I urge you to download and read them. In addition, because our topic was a continued discussion over both segments of our 2 hour 4 minute program, this will be a brief summary of the program without regard to show segments.  In addition, you will hear mentioned a new type of creative economic instrument, the Public Capitalization Note (PCN).  While our guest explained it, you can readily do a Google search on the item and find many of the earlier papers written by our guest explaining PCNs.  Here is one such paper: https://cenf.univparis1.fr/fileadmin/Chaire_CENF/seminaires/armen_papazian/presentation_Armen_Papazian.pdf. 

Most of the first part of our discussion was a summary of how economic systems work, money is created, the role of central banks such as the Federal Reserve or The Bank of England, debt as the backbone to our economy and the traps we get into because we create money through the issuance of debt.  This is a comprehensive discussion. Also, the papers that Dr. Papazian uploaded to our blog further explain this process and the reasons why we should move away from creating money by creating debt.  Dr. Papazian used The Bank of England as the example in his discussion.  For this part of the discussion, he focused on the bottlenecks in the system and the contradiction of creating more money but following an austerity.  In fact, he had much to say about the negative impact of following an austerity plan.  When a listener asked about the U.S $20 trillion of debt and putting money into an economy that might create inflation, our guest had much to say, including the need for money flowing into the economy to create real goods and services, not "paper" goods and services.  Armen explained this in detail so don't miss what he had to say.  They key seems to be to be sure you are creating real product output.

This is where space can play a role.  Armen talked about investing in NASA or even private companies, controlling the risks which he explained in detail, and making sure there was a real product output.  He fully explained his idea of creating money this way rather than through debt.  Other topics mentioned included the debt ceiling but why not instead establish a wealth floor.  This took us to the part of the discussion that focused on solutions rather than history and the present situation.

PCNs were brought up as was the concept of transfer thinking and collective intelligence. Armen had much to say about the risk level, the space impact, time and target economics and outcomes.  He talked about the net space value model and suggested we needed to start looking at things from a planet perspective. 

Wayne from Chicago asked him how to start the process and the shift in the economy.  This opened the door for Armen to talk about the importance of changing the mind.  He explained what he meant in detail and referenced the papers he uploaded to our blog. 

I asked him about the need for the general population to sign onto what he was proposing.  Our guest had much to say when addressing this question.  Let us know what you think of this by posting your comments on the blog. 

Armen offered closing comments focused on changing minds and perspectives.  He said such changes take time.  Especially when the changes represent big challenges.

Please post your comments/questions on TSS blog.  You can reach Dr. Papazian through the email address he provide on air or his company website,  http://finoptek.com.