The economy has a purpose as much as society does. That is, it doesn't. It's not a thing. "The economy" is all of us economizing.
— Per Bylund (@PerBylund) March 20, 2023
“Education rears disciples, imitators, and routinists, not pioneers of new ideas and creative geniuses. . . . The mark of the creative mind is that it defies a part of what it has learned or, at least, adds something new to it.” -Ludwig von Mises
as misquoted in the Oklahoma Madrasser for Entrpreneurship. By One Assoc. Prof. Per Byland PH.d
“Education rears disciples, imitators, and routinists, not pioneers of new ideas and creative geniuses. The schools are not nurseries of progress and improvement, but conservatories of tradition and unvarying modes of thought. “When men yield up the privilege of thinking, the last shadow of liberty quits the horizon.
” The mark of the creative mind is that it defies a part of what it has learned or, at least, adds something new to it. One utterly misconstrues the feats of the pioneer in reducing them to the instruction he got from his teachers. No matter how efficient school training may be, it would only produce stagnation, orthodoxy, and rigid pedantry if there were no uncommon men pushing forward beyond the wisdom of their tutors.”
The art of the excluded middle? “The schools are not nurseries of progress and improvement, but conservatories of tradition and unvarying modes of thought”.
Interesting is it not? that Bylund, “ has experience founding several startups between 1993 and 2006, none of which became a successful business. Failure is a great teacher, however, and the real value of these experiences is realized in his research and teaching“.
It would seem that Mises was right about those who can do and those who can’t teach, in practical matters this is pretty evident. It would also seem that Assoc. Prof, Bylund has taken Mises at his word on the “Education rears disciples, imitators, and routinists,”,
failing to understand it was an injunction, not a recommendation.
Apart from the gentle leg-pulling of the good professor, we are told today by the great preacher of praxeological wisdom that
Llew Rockwell is right. In the sense, one assumes, of “Right Think” and not “Wrong Think” with added “double plus goodness.”
Yes. @lewrockwell is right, of course. https://t.co/4DDGHd3am0
— Per Bylund (@PerBylund) March 21, 2023
Your agreement with another disciple of the same creed does not confirm the correctness of the argument.
Banking on Disaster
March 20, 2023
If people love and will cling to their dollars or francs, then there is only one way to separate money from the state, to truly denationalize a nation’s money. And that is to denationalize the dollar (or the mark or franc) itself. Only privatization of the dollar can end the government’s inflationary dominance of the nation’s money supply.”
If competition in money isn’t the way to go, how do we get to free market money? As usual Murray has the answer:
“We conclude, then, that the dollar must be redefined in terms of a single commodity, rather than in terms of an artificial market basket of two or more commodities. Which commodity, then, should be chosen? In the first place, precious metals, gold and silver, have always been preferred to all other commodities as mediums of exchange where they have been available. It is no accident that this has been the invariable success story of precious metals, which can be partly explained by their superior stable nonmonetary demand, their high value per unit weight, durability, divisibility cognizability, and the other virtues described at length in the first chapter of all money and banking textbooks published before the U.S. government abandoned the gold standard in 1933. Which metal should be the standard, then, silver or gold? There is, indeed, a case for silver, but the weight of argument holds with a return to gold. Silver’s increasing relative abundance of supply has depreciated its value badly in terms of gold, and it has not been used as a general monetary metal since the nineteenth century. Gold was the monetary standard in most countries until 1914, or even until the 1930s. Furthermore, gold was the standard when the U.S. government in 1933 confiscated the gold of all American citizens and abandoned gold redeemability of the dollar, supposedly only for the duration of the depression emergency. Still further, gold and not silver is still considered a monetary metal everywhere, and governments and their central banks have managed to amass an enormous amount of gold not now in use, but which again could be used as a standard for the dollar, pound, or mark.
This brings up an important corollary. The United States, and other governments, have in effect nationalized gold. Even now, when private citizens are allowed to own gold, the great bulk of that metal continues to be sequestered in the vaults of the central banks. If the dollar is redefined in terms of gold, gold as well as the dollar can be jointly denationalized. But if the dollar is not defined as a weight of gold, then how can a denationalization of gold ever take place? Selling the gold stock would be unsatisfactory, since this (1) would imply that the government is entitled to the receipts from the sale and (2) would leave the dollar under the absolute fiat control of the government.
It is important to realize what a definition of the dollar in terms of gold would entail. The definition must be real and effective rather than nominal. Thus, the U.S. statutes define the dollar as 1/42.22 gold ounce, but this definition is a mere formalistic accounting device. To be real, the definition of the dollar as a unit of weight of gold must imply that the dollar is interchangeable and therefore redeemable by its issuer in that weight, that the dollar is a demand claim for that weight in gold.
Furthermore, once selected, the definition, whatever it is, must be fixed permanently. Once chosen, there is no more excuse for changing definitions than there is for altering the length of a standard yard or the weight of a standard pound.
Those who can do those who can’t teach, Making a success of failure , The blind leading the blind. and so we find that Assoc. Prof Bylund is a Gold Bug? Lets all shrug just like Atlas did.
Economists argue about Theories Three
Commodity, Chartalist or Credit Theory
“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”
– Buckminster FullerThis is an outline of my model:
"The #BigApplePlan" https://t.co/VbRc1rRikg
— Wes ⚡️ (@wesfree) March 20, 2023
MAY 22, 2018
The currency is inspired by the hansiatic League.
https://mises.org/wire/trade-good-gold%E2%80%94or-how-hanseatic-league-thrived-without-debt
Mind and Monetary Arrangements: A Method to Assess Monetary
Heuristics in Historical Time
Thomas Marmefelt
University of Södertörn, Department of Social Sciences, SE-141 89 Huddinge, Sweden
Phone: +46 8 608 41 15, Fax: +46 8 608 40 30, E-mail: thomas.marmefelt@sh.se
Åbo Akademi University, Åbo/Turku, Finland
Abstract
In order to theoretically analyze, from the perspective of new monetary economics and social
learning, the evolution of monetary arrangements with functional separation of money, this
paper develops a method to study this phenomenon in the history of monetary arrangements
of the North and Baltic Seas region, from the Hanseatic League onwards. The aim is to do
historical economics, analyzing history from the perspective of the economic theorist, while
the approach is topic-oriented rather than discipline-oriented, involving economics, history,
and cognitive science. The focus will be on the cognitive aspect of money as social institution.
This implies multiple methods. The evolution of units of account and media of exchange are
adaptive responses by human minds. The focus will be on the heuristics of long-distance
traders in the Baltic and North Seas region, expressed in the form of units of account and
media of exchange they used and their success in the contemporary trading environments.
Lessons for monetary separation with an abstract unit of account compared with one based on
a commodity bundle will be developed. This involves the identification of the unit of account
in which contracts and calculations were made and what media of exchange were used to
make the payments. From a cognitive perspective, the medium of account provides a script
that translates the unit of account into a particular worth. When the value of the underlying
commodity bundle changes from the original worth, market agents observe a script deviation
of that bundle, attributing that to changes in the commodity space, and adjust the bundle
accordingly. This method will be developed to be able to study four historical cases:
Hanseatic monetary arrangements, seventeenth century banking, the gold standard and the
unification of monetary functions and nineteenth century monetary unions, and interwar
monetary fragmentation.
Keywords: emergent money, liquidity, monetary arrangements, value of money, social
learning, monetary history, North and Baltic Seas region
FEBRUARY 23, 2019
#SamizdisSamizdat #BrexitRebeliion #ConquestofDough #Web3BeattheBanStick
Three Main Actors Moon of Alabama branded them FUKUS ( Very Droll ) In Order of the Acronym
http://www.moonofalabama.org/2018/04/fukus-strikes-syria-who-won.html
France ( Macron )
UK (MAY)
US ( Trump )
All are leaders with a questionable Mandate, Trumps is strongest arguably but May and Macron remain Establishment Choices. May the DUP supported Own goal Merchant and Macron the Man from Nowhere who the Slog cruelly characterises as a Mother Fucker.
Trump is talking about re looking at TPP, May is obviously Back Tracking on Brexit and Macron is facing challenges to his *Liberalisation reforms )
May and Trump are facing electoral tests Mid Terms in US and Local Elections for MAy.
In Short, all have challenging domestic agendas.
The biggies are not domestic agendas but International Ones.
If the Security Council meeting the main advocates supporting the action were The Netherlands, and Sweden both have been pushing the Syria Bashing.
Sweden has the oldest Central Bank and The Netherlands is, of Course, the beginnings of the modern worlds Capitalist system. The Colonialö/Imperialist International Banking Project runs strongly through this whole thing.
Israel has been fairly quiet I have news feeds from Jewish Chronicle and Haaretz the Israeli News Paper they have been observing keenly but apart from the Domestic Anti Semitism Schtick in Uk and of course the Israeli Strikes on Iranian Targets, Israel has a very Low profile here, in fact barely garner a mention? Staying in Shadows pulling Strings, BiBi is a class operator in the black arts of arm Twisting, he was as a younger man much more dashing and charming he has morphed into a rather unattractive slimeball but I must admit I found the Younger Netanyahu very convincing, not so now.
He has his hand up Trumps back though, all public appearances of the two together show this to be so.
We can usefully distinguish between events, and Characters as well as Domestic and International Dynamics.
Russia, Turkey, Saudi, Iran.
Here is Gets Very Complicated indeed.
3 players are steeped in the intrigues of Petro Dollar Hegemony and Turkey was a key creation of the Post WW1 treaties which brought in the age of Oil and FIAT/GoldStandard and the Fed (The Gold Standard was a FIAT system under the shining exterior, I will not go into that here But Zarlenga’s Lost Science of Money goes into it in depth)
Gas PipeLines Involve all of them.and in that respect we have to bring Ukraine into the Picture as well.
Israel is also a player with the Gas question in respect of the Leviathan fields and other fields in the Eastern Medetaranian this also brings Egypt into the picture. Of Course, Libya and Iraq come into the question from PetroDollar and Energy aspects of the question and lead back to General Wesley Clarke.
JULY 8, 2018
FEBRUARY 13, 2022
AUGUST 28, 2019
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2921225
This Paper is well worth Reading Ole Berg is a philosopher who studies the epistemology of Money and it is in the meta-physics Dogmas and Catechisms of the differing schools of thought where the Devil’s own Details may be found.
This Paper has a Contributor called Josh Ryan Collins He used to be with the new economics Foundation and he has worked quite a lot with Positive Money.
Josh’s work https://www.ucl.ac.uk/bartlett/public-purpose/josh-ryan-collins and Oles Work https://web.archive.org/web/20170311172106/http://research.cbs.dk/en/persons/ole-bjerg(925c9d02-6d89-4a1b-8608-147cbf0be547)/publications.html Have been essential to the empirical research being done on Modern Monetary Practices they have tested some of the Theories and found them wanting they have this in Common of Course with Richard Werner.
In Defining their Boundary Conditions for defining terms to be compared is a key part of the introduction to this paper.
B) Who issues money?
Since seigniorage is accrued by the creator of money any concept of seigniorage also has
to make an assumption about who issues money. The question here is not simply whether
the state or commercial banks should be included as creators of money. Even within the literature
on central bank seigniorage, there are differences in the way that the state as the creator
of money is conceived. While some authors treat the state as one coherent issuer of
money (see for instance Friedman 1971; Drazen 1985) others take into account the institutional
separation between the central bank and the government (see for instance Rovelli
1994; Pedersen and Wagener 2000). We concur with Klein and Neumann (1990) that definitions
of seigniorage should pay close attention to particular institutional circumstances in
different countries as these may have profound implications for the way that money creation
is turned into seigniorage. This includes not only the relation between the central bank and
the government but also the relations between commercial banks, the central bank and the
government.
I have also been re-reading Lietaers 2005 Paper on Integral approaches to Money this morning, it’s pretty incisive stuff not much in the way of Twaddle. The Hyper Rationality of MMT Dogmatists over MMP Students should serve as a warning to us all.
2. The more hyper-rational a market, the more likely it is to get caught in a mania.
Mythologically, as shown in the Bacchae, it is the Apollonian ruler, not those who
embrace the “messiness” of the Dionysian space, who end up being dismembered.
In other words, the more we defend ourselves against the Dionysian uncertainty, the more
likely that we attract his “madness.” This could explain why the most sophisticated
markets are the ones who get caught in manias. It is because of their very sophistication
that the illusion of control is most prevailing. The more tools we accumulate to ensure a
permanent Apollonian certainty, the more likely it is that we will attract a Dionysian
outburst.
Stanley Passy concluded: “The idea that anyone can see the future with certitude carries
within the dark and deadly
shadow of panic. Dispassionate
portfolio management,
technical analysis and
computer modeling live in
parallel with merger manias,”
Finally, Page 50 of the Full PDF of PM’s proposals deals with common criticisms, The Article here falling into the “Common” Category.
http://positivemoney.org/wp-content/uploads/2016/12/SovereignMoney-AnIntroduction-20161214.pdf
6. RESPONSES TO COMMON
CRITIQUES
Five themes are common amongst the various critiques of the sovereign money approach:
1. Supply of Credit: “There would be too little credit….leading to deflation and recession.”
2. Interest rates: “Interest rates would be too high and too volatile.”
3. Near monies: “It is futile to try to control private money creation because near monies
will immediately emerge from other parts of the financial system.”
4. Shadow banking: “It was the shadow banking sector that caused the last financial
crisis. By looking at commercial banks, sovereign money reforms focus on the wrong
part of the financial system.”
5. Monetarism: “This is just modern monetarism, and will be as harmful as the failed
monetarist experiments of the 1980s.”
Positive Money is currently undertaking further research on each of these areas, but we
have addressed each of these arguments briefly below. (The following sections on the
Supply of Credit, Near Monies and Shadow Banking are adapted from Dyson et al. (2016)
which first appeared in the Cambridge Journal of Economics.)
As I have noted in my previous posts there is a lot of second-hand re-treaded rubber in this debate and most of it does not go into the deeper academic literature, our host has already dismissed much of that newer writing as Twaddle:
Tolstoy, Leo. What is Art? p. 124 (1899). In The Kingdom of God Is Within You (1893), he similarly declared,
“The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him.”
(ch. 3). Translated from the Russian by Constance Garnett, New York, 1894. Project Gutenberg edition released November 2002. Retrieved 2009-08-24.
See part 1 Particularly for this unpublished response to Richard Murphy’s Authoritarian and Intolerant Comment.
http://letthemconfectsweeterlies.blogspot.se/2018/05/why-richard-murphy-disagrees-with.html
One of my Main criticisms of the MMT as Catechism is the quality of its witch-hunters and the intolerance of its would-be Commissars. The same goes for the Catechisms of the Oaklahoma madrasa for praxeological entrepreneurship.
For A proper discourse on Modern Monetary Practice as opposed to the strictures of the MMT thought police I recommend Cullen Roche.
New video up!
Understanding the Banking Panic of 2023.
Your head might explode. This is an information bomb in just 3 minutes. https://t.co/RA1vH34BcF
— Cullen Roche (@cullenroche) March 20, 2023
Your comment is awaiting moderation.
Your last comment above is Childish frankly and does not engage with the points which I make The links are all illustrative.
Bernard Lietaers work, Helmuth Kreutz’s Work, Magrit Kennedy’s work and Positives Money’s work is far from twaddle.
Writing Polemics masquerading as Objective critique founded in evidence is dishonest, I guess the truth hurts. Ollie Bergs Paper on Bitcoin is excellent perhaps you find philosophy in the field of political economy objectionable, I do not.
When Richard says further comments will be deleted, what he means is they will not be published, in common with many people on the Web Richard censors his own comments section,pro actively, what he dislikes or does not agree with or in the Web parlance “Calls Him Out” he simply does not even allow to be posted, much like the Guardian does.
Off Guardian the antidote to the Authoritarian Stalinist tendencies of Gatekeepers of Liberal democracy.
On Childishness in the Oklahoma madrasa for entrepreneurship.
— Alexander Roeland (@AlexRoeland) March 20, 2023
“An good analogy is better than gold, yea than much fine gold” Paraphrase of Proverbs
Six Ways to Sunday, Deep State and Fake News ( More on Distorted Narratives, Divide and Rule)
Related very closely to the concept of Groupthink is a process called Social Conditioning . However, where Groupthink relates to cognitive issues in a small group, Social Conditioning is concerned more with broad social implications – typically nationwide.
Social conditioning is the sociological process of training individuals in a society to respond in a manner generally approved by the society in general and peer groups within society.Manifestations of social conditioning are vast, but they are generally categorized as social patterns and social structures including nationalism, education, employment, entertainment, popular culture, religion, spirituality and family life. The social structure in which an individual finds him or herself influences and can determine their social actions and responses.
Summary of Part 1
So . . . . in a similar manner to my experience, we have someone (DjSadhu) discover a fact that:
- was never before shared with him in any form (school, documentaries, books, web sites, etc.), and
- was a revolutionary idea totally different from what he did learn, so he had to share his “aha” moment with others.
Unlike me (no video animation expertise) DjSadhu produces a slick video to show this newfound perspective, since he can’t find anything like it elsewhere.What’s the response from the “interwebs”? 🙂
Critic/Instructor – Rhys Taylor
- He understands that DjSadhu’s first couple of videos have scientific errors, yet the basicpremise of the solar system moving through space in a helical motion is for the most part correct.
- He takes a constructive win-win approach and works in a positive manner with DjSadhu to fix the errors in an attempt to produce a more accurate video than the original two.
dimensions of a money system is examined. To the extent that the nature of
money is even discussed within the field of economics, we can distill three general
theories of the origin and constitution of money: the commodity theory, the
chartalist theory, and the credit theory of money. The contention here is that neither
of these theories are capable of providing a coherent and conclusive account of
the nature of money, while at the same time each of them captures a dimension of
the functioning of money.”
