Why our current system needs IP? Because it is collateral for loans - which is the system we use via Interest Rate targeting to inject money into circulation.

Why our current system needs IP? Because it is collateral for loans - which is the system we use via Interest Rate targeting to inject money into circulation. Banking systems from the physical industrial era worked by discounting physical assets. You built a car and then discounted that asset at the bank to build more cars. That model doesn’t scale with ideas and services. Unless you have something that makes ideas and services behave like physical assets. If we moved to a system where we discounted time instead (ie you can always sell your 8 hours of labour power) then we wouldn’t need to fund creativity by bank lending.