An Interesting View On The History Of Money
Forlorn
Join Date: 2002-11-01 Member: 2634Banned
Join Date: 2002-11-01 Member: 2634Banned
in Discussions
<div class="IPBDescription">Tell me what you think</div> <a href='http://www.xat.org/xat/moneyhistory.html' target='_blank'>Long read, takes about 30 min to 1 hour</a>
Don't worry though, it's very interesting and easy to read. I for one found it to be an amazing story, and I will never look at money the same way again.
I especially like it's views on socialism and communism.
Discuss this article and bring up any points of contention you may have!
Don't worry though, it's very interesting and easy to read. I for one found it to be an amazing story, and I will never look at money the same way again.
I especially like it's views on socialism and communism.
Discuss this article and bring up any points of contention you may have!
Comments
" PEACEFUL
REVOLUTION NETWORK
IMAGINE:
• Telling someone in 1901 that humans would soon be able to fly...
• Describing a television to someone in 1925...
• Telling someone in 1984 that we could map the human genome...
NOW IMAGINE:
Telling someone today that a country could be run with:
• No Taxes
• All Public Services Fully Funded
• Real People Power Democracy minus Politicians
• A complete system of Fair Trade
• A Stable Economy free from Inflation
• Incentives to produce ecological and socially responsible goods and services
http = help the third planet "
They strike me as rather inept in economics - now I'm not an econ major by any means, but it just strikes me as crock. The entirety of that 'History of Money' is to convince you that their system - which revolves around a semi-closed economic system with the government injecting capital and devaluing the currency to keep it going - is the way the world needs to be.
Thanks, no propoganda for me.
-calldown
If this is the case though I think the schemes of Xat to create their own currency is too little too late. Every powerful nation in the world is bootstrapped into Fractional Reserve Banking. As soon as a new currency became significant enough to challenge the current system, the Banks would quickly pass a bill or perhaps stir the hornet's nest of nations threatened by the move. But honestly I can't think of another clear solution.
However, if you talk to different people some will say the World Bank is a force of good while others say it is a force of evil. Who can really tell unless we dig into history and see for ourselves. Great read; makes you look at the news a lot differently.
It is an open interpretation on the FACTS. See the sources listed throughout the article? Every one exists and I personally did a little background checking with google and they are indeed solid.
So please, rather than just discuss wether or not it's valid, discuss it's implications.
Say there is a way to remove the dependancy of banking? What are it's pro's/con's?
However, as you mentioned, you want to get rid of banks. I ask you, why would you? Banks are the most efficient means of raising capital and distributing it effectively to people. It allows *your* money to work *for* you as well as benefit others. Without banks, do you believe the majority of small businesses would start?
-calldown
It is an open interpretation on the FACTS. See the sources listed throughout the article? Every one exists and I personally did a little background checking with google and they are indeed solid.
So please, rather than just discuss wether or not it's valid, discuss it's implications.
Say there is a way to remove the dependancy of banking? What are it's pro's/con's? <!--QuoteEnd--> </td></tr></table><div class='postcolor'> <!--QuoteEEnd-->
Well.. look at Iraq. We popped that bubble and a whole bunch of pus came out. As soon as Saddam fell from power, a dozen different sects started fighting in the region for power. That's what would happen if you somehow removed Fractional Reserve Banking abruptly though some sort of forceful act. However I think that it would be good if we solved this problem like we have solved many problems in America. For instance, slavery; people of all colors are as free by law as any other race. But the system that dictates that freedom was originally a very discriminatory one. I think the same analogy could be made for a possible solution to the potential destructiveness of Fractional Reserve Banking and a means to regulate its use. Because, in fact, Fractional Reserve Banking also has very beneficial uses. Of course making a case of that would require us to interface with the invisible government which could only be done by a powerful entity. And I don't mean the military. It would have to be someone with significant information and a means to expose it. That's a pretty tall order.
However, who limits the amount of money the government print? When the government borrows money, they're limited by the fact that they have to pay it back. But if they can just print as much money as they want for free, then there's no real incentive to limit how much they print.
Sure, the threat of inflation keeps them, from printing excessive amounts of money, but the system leaves a lot of room to be abused. The threat of inflation doesn't give them a fixed limit, so they can essentially set the limit as high as they want to. As long as it sounds reasonable, no one will complain.
And what if the government wants to give themselves a nice bonus, or wants to sponsor their friends with some lucrative building contracts? If they can just print out whatever money they need at no cost, then they can do this, and nobody can complain. The system sets itself up to be abused.
So the issue becomes more than whether or not the system works in theory. We have to be concerned with whether or not we can trust the people who are in control not to abuse their power.