Virtual wealth should be common wealth

Consider the following: 

• the supply of money corresponds more or less to the virtual wealth of a society; 
• the money supply is a public good because, by definition, it must be exchanged to have value and so it must be a good whose consumption is non-exclusive; 
• the non-rival consumption of money through leverage is the seigniorage that generates public revenue for the public good money really is. 

• It then follows that virtual wealth should be common wealth and not private wealth. 

So long as the growth of real assets is easier to accomplish than the growth of virtual assets, the economy will grow in a healthy way. Once the real growth opportunities begin to dry up the strong incentive in an unregulated free market economy is to find growth opportunities in the financial sector where the growth is virtual and not real. That leads to the pathological use of the financial sector to create the semblance of growth where real growth has ceased.