#8thwaytothink
The sectoral Balances approach to aggregate demand is a tautological accounting identity
Explication of the Magic Money tree is my simple aim.
I have written Longer poems on political economy and about energy based calibrations of the unit of account and value
Usury hells Fuel Mans oppressor, Tides of the Dollar Moon and Bourgoise resolution and Globalisation unentangled all explore these areas.
I have also written a Novel #ConquestofDough
https://theconquestofdough.weebly.com/
Explication of the Magic Money tree is my simple aim.
I have written Longer poems on political economy and about energy based calibrations of the unit of account and value
Usury hells Fuel Mans oppressor, Tides of the Dollar Moon and Bourgoise resolution and Globalisation unentangled all explore these areas.
I have also written a Novel #ConquestofDough
https://theconquestofdough.weebly.com/
#8thwaytothink
Magic Money Tree A Poem by Roger G Lewis #8thwaytothink https://t.co/EfiU9ReWbI via @YouTube #8thwaytothink
— RogerGLewis (@PMotels) February 4,
The Magic Money Tree.
a Poem by Roger G Lewis
Money Grows on Merkle Trees
A Creature of Cryptography
The Computer Has to say yes
So Banks can issue Debt You see.
Central Banks prune Merkle Trees
Adjusting the rate of Usury
Government Borrowing and Private debt
Add up to the money that you get
Economists argue about Theories Three
Commodity, Chartalist or Credit Theory
In Truth all Theories of the Merkel tree?
Are Based upon a Tautology, That´s MMT.
The Simple rhyme that you can sing is
Moneynow is the NOTHINGyouget
for SOMETHINGbefore youcan get
ANYTHING. Let’s all Join In.
Has your future MP seen this image?
Neighbours are turning against each other, people are blaming migrants for the lack of secure jobs, and hate crime’s on the rise. Our politicians and banks have created a totally unbalanced and dysfunctional economy, and it’s breaking our society.
ok, so it’s more like 100+ words:
Lerner and MMT say that you have to judge Government spending by its impact on outcomes like employment, productivity, and price stability, and that fiscal responsibility means getting good results in these areas, whatever the debt numbers show. To suggest that “high deficits,” national debts, and debt-to-GDP ratios over 90% are bad for a national economy is a theory, and it is one that is not supported by empirical data. MMT is saying don’t do austerity based on a theory that is constantly refuted in the real world, but do use Government spending to try to end this recession, and watch the outcomes. If we see inflation, then that’s the time to do austerity; but until we do we have no reason to back off our full employment, productivity, and other public purposes.
“Money is a spreadsheet”
Elizabeth Lease
Wall Street Owns The Country
A Speech by Mary Elizabeth Lease (circa 1890)
This is a nation of inconsistencies. The Puritans fleeing from oppression became oppressors. We fought England for our liberty and put chains on four million of blacks. We wiped out slavery and our tariff laws and national banks began a system of white wage slavery worse than the first. Wall Street owns the country. It is no longer a government of the people, by the people, and for the people, but a government of Wall Street, by Wall Street, and for Wall Street. The great common people of this country are slaves, and monopoly is the master. The West and South are bound and prostrate before the manufacturing East. Money rules, and our Vice-President is a London banker. Our laws are the output of a system which clothes rascals in robes and honesty in rags. The [political] parties lie to us and the political speakers mislead us. We were told two years ago to go to work and raise a big crop, that was all we needed. We went to work and plowed and planted; the rains fell, the sun shone, nature smiled, and we raised the big crop that they told us to; and what came of it? Eight-cent corn, ten-cent oats, two-cent beef and no price at all for butter and eggs-that’s what came of it. The politicians said we suffered from overproduction. Overproduction, when 10,000 little children, so statistics tell us, starve to death every year in the United States, and over 100,000 shopgirls in New York are forced to sell their virtue for the bread their niggardly wages deny them… We want money, land and transportation. We want the abolition of the National Banks, and we want the power to make loans direct from the government. We want the foreclosure system wiped out… We will stand by our homes and stay by our fireside by force if necessary, and we will not pay our debts to the loan-shark companies until the government pays its debts to us. The people are at bay; let the bloodhounds of money who dogged us thus far beware.
Merkle tree
From Wikipedia, the free encyclopedia
In cryptography and computer science, a hash tree or Merkle tree is a tree in which every non-leaf node is labelled with the hash of the labels or values (in case of leaves) of its child nodes. Hash trees allow efficient and secure verification of the contents of large data structures. Hash trees are a generalization of hash lists and hash chains.
Demonstrating that a leaf node is a part of the given hash tree requires processing an amount of data proportional to the logarithm of the number of nodes of the tree;[1] this contrasts with hash lists, where the amount is proportional to the number of nodes.
Contents
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(Bjerg 2014, 96
–
100). With Žižek, we can understand the commodity theory of
money as an effort to found the value of money in the dimension of the real by pointing to the intrinsic value of gold as the ultimate support of the currency. It is crucial to note how Žižek’s definition of the real is anything but straightforward and even varies throughout his writings. At some points, the real is located in a positive existence beyond the sphere of symbolization. He defines the real as ‘that which resists symbolization’ and ‘as the rock upon which every attempt at symbolization stumbles’ (1989, 69, 169). At other points, the real is located in a negative existence, i.e. as merely a void or an aporia inherent in the symbolic
15
order. Žižek states that: ‘the symbolic order itself, is …
barré, crossed-out, by a fundamental impossibility, structured around an impossible/traumatic kernel, around a central lack’ (1989, 122). This lack is the real.
Credit money plays a crucial role in Schumpeterian theoretical analysis of economic development.
Recollection of the famous passage in The Theory of Economic Development
(Schumpeter, 1934,p. 74) should suffice:The banker […] is not so much primarily a middleman in the commodity ‘purchasing power’ as a producer of this commodity […] He stands between those who wishto form new combinations and the possessors ofproductive means. He is essentially a phenomenon of development, though only when no central authority directs the social process. He makes possible the carrying out of new combinations, authorizes people, in thename of society as it were, to form them. He is the ephor of the exchange economy. In other words – as Schumpeter wrote in his ambitious and unlucky
Business Cycles credit creation is the monetary complement of innovation
(Schumpeter, 1964, p. 110):
Recollection of the famous passage in The Theory of Economic Development
(Schumpeter, 1934,p. 74) should suffice:The banker […] is not so much primarily a middleman in the commodity ‘purchasing power’ as a producer of this commodity […] He stands between those who wishto form new combinations and the possessors ofproductive means. He is essentially a phenomenon of development, though only when no central authority directs the social process. He makes possible the carrying out of new combinations, authorizes people, in thename of society as it were, to form them. He is the ephor of the exchange economy. In other words – as Schumpeter wrote in his ambitious and unlucky
Business Cycles credit creation is the monetary complement of innovation
(Schumpeter, 1964, p. 110):
Soddy
Money now is the NOTHING you get for SOMETHING before you can get ANYTHING
In order to investigate this I will draw on Bjerg’s analysis of ‘what is money’ in his book “Making Money: The Philosophy of Crisis Capitalism” (2014). Bjerg describes the double meaning of the phrase making money: redistribution of already existing money, and the literal meaning of creatingnew money6.Using Heidegger’s distinction between the ontic and the ontological Bjerg calls for a better philosophical understanding of the latter.
Heidegger’s distinction between the ontic and the ontological is to be found in his separation of ontology in two spheres: beings (Seiende) and Being (sein)7. Seiende refers to beings that already are, and is limited to the preoccupation of functions of beings in relation to other beings, leading to the question of “what is X” (white, carpenter etc.). This is what Heidegger names ‘ontic’8. On the contrary sein deals not with what is already being, but the ‘to be’-ness of an object. This leads to the investigation of the question of “How is X” and excludes relations in order to investigate the true sein. This is the ontological9.
Applying the notion of ontic and ontological to money, Bjerg initiates a philosophical discussion of the assumptions of money. Instead of asking the ontic question “What is money (in relation to other beings)”, he asks the ontological question “How is it that money exists?”10. In the following, I will use his analysis of how money is created to provide a basis for discussion of the Swiss Gold Referendum 2014 (hereafter SGR). Here I claim that the assumptions of mainstream critique of contemporary money creation is historically and philosophically misplaced and thus impotent.
Theories of Money
There is no superior theory of the being of money, hence Bjerg’s bold and paradoxical statement “money does not exist”11 in a book investigating the very subject. This is derived from the fact that there are different kinds of money in forms of commodities, fiat and credit, where the majority of this today is money as credit. The three dominant theories of money; Commodity-, Chartalist-, and Credit-Theory all supply an answer to how money comes into being. However, they all also face the ontological problem of the relation between price and value: What is the price of money? In Žižekean terminology price is a symbolization of ‘real’ value of an asset. If money is a symbolization of value, there must already be a system in which to measure value. The problem arises when we use money, the symbolic, to determine the real value, as this can only lead us to the conclusion that money equals value expressed in money, in other words: Money is Money. In heideggerean terminology, we are mixing the distinction between sein and seiende. The Being of money is “…characterized by a particular configuration of the value and price”12. The distinction between sein (the Being) and seiende (being) blurs when it is applied to itself: Money used to describe what money becomes tautological.
A Loophole Allows Banks – But Not Other Companies – to Create Money Out of Thin Air
One of the Main Causes of Our Economic Problems
The central banks of the United States, England, and German – as well as 2 Nobel-prize winning economists – have all shown that banks create money out of thin air … even if they have no deposits on hand.
The failure of most governments and most mainstream economists to understand this fact – they instead believe the myth that people make deposits at their bank, and these deposits are then lent out to new borrowers – is the maincause of our rampant inequality and economic problems.
But how do banks actually make loans before they have sufficient deposits on hand?
Economics professor Richard Werner – the creator of quantitative easing – noted in September that the field of economics has been lost in the woods for an entire century because it has failed to understand how banks actually create money.
Professor wrote an academic paper in 2014 concluding:
What banks do is to simply reclassify their accounts payable items arising from the act of lending as ‘customer deposits’, and the general public, when receiving payment in the form of a transfer of bank deposits, believes that a form of money had been paid into the bank.
But why don’t mainstream economists understand how banks actually create money?
Economics professor Steve Keen explained last week in Forbes:
In any genuine science, empirical data like this would have forced the orthodoxy to rethink its position. But in economics, the profession has sailed on, blithely unaware of how their model of “banks as intermediaries between savers and investors” is seriously wrong, and now blinds them to the remedy for the crisis as it previously blinded them to the possibility of a crisis occurring.A wit once defined an economist as someone who, when shown that something works in practice, replies “Ah! But does it work in theory?”
Mainstream economic models are fundamentally wrong. The theories taught in economics programs are riddled with errors. For example, they don’t take into account such basic factors as private debt.
That’s why the 2008 crash happened … and that’s why the economy is heading south now.
So things are going to get worse and worse until they’re fixed to account for how banks actually create money.
The original source of this article is Washington’s Blog
Copyright © Washington’s Blog, Washington’s Blog, 2016
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