dreamdancer 0 #1 December 22, 2010 interesting... QuoteThe reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”—something independent of the relationship it facilitates. But today there is no gold or silver backing our money. Instead, it’s created by banks when they make loans (that includes Federal Reserve Notes or dollar bills, which are created by the Federal Reserve, a privately-owned banking corporation, and lent into the economy). Virtually all money today originates as credit, or debt, which is simply a legal agreement to pay in the future. http://www.alternet.org/vision/149294/vision%3A_time_for_a_new_theory_of_money_/stay away from moving propellers - they bite blue skies from thai sky adventures good solid response-provoking keyboarding Quote Share this post Link to post Share on other sites
AdamLanes 1 #2 December 22, 2010 We don't need a new theory of money, especially one that replaces a non-working theory of money with another non-working theory of money. Quote Share this post Link to post Share on other sites
winsor 236 #3 December 22, 2010 Quoteinteresting...Quote Not really. QuoteThe reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”—something independent of the relationship it facilitates. But today there is no gold or silver backing our money. Instead, it’s created by banks when they make loans (that includes Federal Reserve Notes or dollar bills, which are created by the Federal Reserve, a privately-owned banking corporation, and lent into the economy). Virtually all money today originates as credit, or debt, which is simply a legal agreement to pay in the future. http://www.alternet.org/vision/149294/vision%3A_time_for_a_new_theory_of_money_/ As far as economic theory goes, the author of this piece is somewhere shy of clueless. The US of A has adopted fiat currency (IOUs) as its means of exchange, as opposed to fractional or reserve currency or specie (gold, silver), and this is hardly without precedent. The outcome of reliance upon fiat currency in light of staggering debt has been consistent throughout history. Investigation of the inevitable outcome of unsecured national debt using fiat currency is left as an exercise for the reader. BSBD, Winsor Quote Share this post Link to post Share on other sites mnealtx 0 #4 December 22, 2010 What's the matter...couldn't get enough people to buy into your 'karmic accounting'?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites rehmwa 2 #5 December 22, 2010 QuoteWhat's the matter...couldn't get enough people to buy into your 'karmic accounting'? "karma" is just religion all disguised as something more PC for the flaky types Government should not establish a state religion ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites turtlespeed 226 #6 December 22, 2010 QuoteWhat's the matter...couldn't get enough people to buy into your 'karmic accounting'? Isn't Karmic Accounting kinda like Carbon Offsets?I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites dreamdancer 0 #7 December 22, 2010 QuoteThe concept of money-as-a-commodity can be traced back to the use of precious metal coins. Gold is widely claimed to be the oldest and most stable currency known, but this is not actually true. Money did not begin with gold coins and evolve into a sophisticated accounting system. It began as an accounting system and evolved into the use of precious metal coins. Money as a “unit of account” (a tally of sums paid and owed) predated money as a “store of value” (a commodity or thing) by two millennia; the Sumerian and Egyptian civilizations using these accounting-entry payment systems lasted not just hundreds of years (as with some civilizations using gold) but thousands of years. Their bank-like ancient payment systems were public systems—operated by the government the way that courts, libraries, and post offices are operated as public services today. In the payment system of ancient Sumeria, goods were given a value in terms of weight and were measured in these units against each other. The unit of weight was the “shekel,” something that was not originally a coin but a standardized measure. She was the word for barley, suggesting the original unit of measure was a weight of grain. This was valued against other commodities by weight: So many shekels of wheat equaled so many cows equaled so many shekels of silver, etc. http://www.alternet.org/vision/149294/vision%3A_time_for_a_new_theory_of_money_/?page=entirestay away from moving propellers - they bite blue skies from thai sky adventures good solid response-provoking keyboarding Quote Share this post Link to post Share on other sites kelpdiver 2 #8 December 23, 2010 QuoteWhat's the matter...couldn't get enough people to buy into your 'karmic accounting'? I'm waiting for him to start on about quantum accounting. Quote Share this post Link to post Share on other sites popsjumper 2 #9 December 23, 2010 QuoteThe reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”— Interesting article. Too bad some can't read and enjoy without getting all hyped up. But I gotta say...money is an evil entity. Every night before I go to bed I check under my bed, in the washer and under the couch cushions for any money hiding there just waiting for its chance to sneak into my pants pockets and burn holes into them.My reality and yours are quite different. I think we're all Bozos on this bus. Falcon5232, SCS8170, SCSA353, POPS9398, DS239 Quote Share this post Link to post Share on other sites dreamdancer 0 #10 December 23, 2010 QuoteGOOD old-fashioned cash is to go down the electronic route, now that it is possible to stamp simple electronic circuits directly onto banknotes. Modern banknotes contain up to 50 anti-counterfeiting features, but adding electronic circuits programmed to confirm the note's authenticity is perhaps the ultimate deterrent, and would also help to simplify banknote tracking. Silicon-based electronic circuits are clearly too thick to be incorporated into thin and fragile banknotes, but semiconducting organic molecules might be a viable alternative. A team of German and Japanese researchers created arrays of thin-film transistors (TFTs) by carefully depositing gold, aluminium oxide and organic molecules directly onto the notes through a patterned mask, building up the TFTs layer by layer. All this is done "without aggressive chemicals or high temperatures, both of which might have damaged the surface of the banknotes", says team member Ute Zschieschang from the Max Planck Institute for Solid State Research in Stuttgart, Germany. The result is an undamaged banknote containing around 100 organic TFTs, each of which is less than 250 nanometres thick and can be operated with voltages of just 3V. Such small voltages could be transmitted wirelessly by an external reader, such as the kind that communicates with the RFID tags found on many products. The team's technique has been tested on US dollars, Swiss francs, Japanese yen and Euro notes. http://www.newscientist.com/article/mg20827915.200-banknotes-go-electric-to-outwit-counterfeiters.htmlstay away from moving propellers - they bite blue skies from thai sky adventures good solid response-provoking keyboarding Quote Share this post Link to post Share on other sites Join the conversation You can post now and register later. If you have an account, sign in now to post with your account. Note: Your post will require moderator approval before it will be visible. Reply to this topic... × Pasted as rich text. Paste as plain text instead Only 75 emoji are allowed. × Your link has been automatically embedded. Display as a link instead × Your previous content has been restored. Clear editor × You cannot paste images directly. Upload or insert images from URL. Insert image from URL × Desktop Tablet Phone Submit Reply 0
mnealtx 0 #4 December 22, 2010 What's the matter...couldn't get enough people to buy into your 'karmic accounting'?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
rehmwa 2 #5 December 22, 2010 QuoteWhat's the matter...couldn't get enough people to buy into your 'karmic accounting'? "karma" is just religion all disguised as something more PC for the flaky types Government should not establish a state religion ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
turtlespeed 226 #6 December 22, 2010 QuoteWhat's the matter...couldn't get enough people to buy into your 'karmic accounting'? Isn't Karmic Accounting kinda like Carbon Offsets?I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
dreamdancer 0 #7 December 22, 2010 QuoteThe concept of money-as-a-commodity can be traced back to the use of precious metal coins. Gold is widely claimed to be the oldest and most stable currency known, but this is not actually true. Money did not begin with gold coins and evolve into a sophisticated accounting system. It began as an accounting system and evolved into the use of precious metal coins. Money as a “unit of account” (a tally of sums paid and owed) predated money as a “store of value” (a commodity or thing) by two millennia; the Sumerian and Egyptian civilizations using these accounting-entry payment systems lasted not just hundreds of years (as with some civilizations using gold) but thousands of years. Their bank-like ancient payment systems were public systems—operated by the government the way that courts, libraries, and post offices are operated as public services today. In the payment system of ancient Sumeria, goods were given a value in terms of weight and were measured in these units against each other. The unit of weight was the “shekel,” something that was not originally a coin but a standardized measure. She was the word for barley, suggesting the original unit of measure was a weight of grain. This was valued against other commodities by weight: So many shekels of wheat equaled so many cows equaled so many shekels of silver, etc. http://www.alternet.org/vision/149294/vision%3A_time_for_a_new_theory_of_money_/?page=entirestay away from moving propellers - they bite blue skies from thai sky adventures good solid response-provoking keyboarding Quote Share this post Link to post Share on other sites
kelpdiver 2 #8 December 23, 2010 QuoteWhat's the matter...couldn't get enough people to buy into your 'karmic accounting'? I'm waiting for him to start on about quantum accounting. Quote Share this post Link to post Share on other sites
popsjumper 2 #9 December 23, 2010 QuoteThe reason our financial system has routinely gotten into trouble, with periodic waves of depression like the one we’re battling now, may be due to a flawed perception not just of the roles of banking and credit but of the nature of money itself. In our economic adolescence, we have regarded money as a “thing”— Interesting article. Too bad some can't read and enjoy without getting all hyped up. But I gotta say...money is an evil entity. Every night before I go to bed I check under my bed, in the washer and under the couch cushions for any money hiding there just waiting for its chance to sneak into my pants pockets and burn holes into them.My reality and yours are quite different. I think we're all Bozos on this bus. Falcon5232, SCS8170, SCSA353, POPS9398, DS239 Quote Share this post Link to post Share on other sites
dreamdancer 0 #10 December 23, 2010 QuoteGOOD old-fashioned cash is to go down the electronic route, now that it is possible to stamp simple electronic circuits directly onto banknotes. Modern banknotes contain up to 50 anti-counterfeiting features, but adding electronic circuits programmed to confirm the note's authenticity is perhaps the ultimate deterrent, and would also help to simplify banknote tracking. Silicon-based electronic circuits are clearly too thick to be incorporated into thin and fragile banknotes, but semiconducting organic molecules might be a viable alternative. A team of German and Japanese researchers created arrays of thin-film transistors (TFTs) by carefully depositing gold, aluminium oxide and organic molecules directly onto the notes through a patterned mask, building up the TFTs layer by layer. All this is done "without aggressive chemicals or high temperatures, both of which might have damaged the surface of the banknotes", says team member Ute Zschieschang from the Max Planck Institute for Solid State Research in Stuttgart, Germany. The result is an undamaged banknote containing around 100 organic TFTs, each of which is less than 250 nanometres thick and can be operated with voltages of just 3V. Such small voltages could be transmitted wirelessly by an external reader, such as the kind that communicates with the RFID tags found on many products. The team's technique has been tested on US dollars, Swiss francs, Japanese yen and Euro notes. http://www.newscientist.com/article/mg20827915.200-banknotes-go-electric-to-outwit-counterfeiters.htmlstay away from moving propellers - they bite blue skies from thai sky adventures good solid response-provoking keyboarding Quote Share this post Link to post Share on other sites
