I dont agree with everything from this school of thought, but this is an interesting and informative primer.



Category: Currency, Digital Media

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7 Responses to “Money is No Object”

  1. faulkner says:

    Thanks for this. There is recently a renewed interest in the meaning of money and its pivotal importance in our thinking, action and experience – that is largely ignored by economics. (See The Nature of Money by Geoffrey Ingham, Rethinking Money by Bernard Lieter and Jacqui Dunne, or Theology of Money by Philip Goodchild.)

    The presentation starts with money …”for most, its a source of mysticism and mystery.” yet it leaves this insight unexplored for more abstract economic considerations. “Money is a medium of exchange.” It can be turned into (almost) anything. For our sense making System 1, this is metaphor made real – a magical property. Further, money is the measure of value, is value, and can make more of itself. Which sounds like a sentence out of a mystical text. To our System 1, money is real, and magical and hence powerful. Even grown, we call them “Masters of the Universe,” “Market Wizards,” “The Oracle of Omaha.”

    Money of account is abstract and pervasive. How men define it and treat it effects our economies, opportunities, well-being and future. It is a powerful invisible force with earthly representatives (that seem at least) to control portions of it. By some, more of it can be made at will. Though even as this is true, others with much refuse to part with it. All of which would make for a mystery as our abstract and metaphoric thinking recursively loops on itself.

    As well as MMT appears to addresse the nature of money in an economy, it is the money in our (Dual Processing) minds that will need to be sorted out if any of it is going to work.

  2. ljames says:

    In which areas do you disagree w/mmt? Read your blog a lot and curious about your view.

  3. Greg0658 says:

    I agree that “Money is No Object” – it’s an illusion that people are forced through 8+ millennium of an operating system to abide by

    “Its complicated” to undo or remake in a working 24/7 world .. but we need a time + effort + danger + scarcity model in the centuries to come (this is not a working paper to design an OpSys by)

    our opsys here today has been captured by story tellers and a legal paper chase subsidized by advertising and money creation – a real effort they are – but when push comes to shove that gdp will be inadequate to people who are able to rebel

    I do think that the capitalism model will eventually work out – but figure civil & world wars need to eradicate law as we know it to achieve a rebirth point without debt & promises expected (or else a legal remedy would hold off rebirth) a new world of growth from gut needs by the human in need of survival

    Trust is required for us humans or there will be anarchy – and most won’t like that – not in this complicated industrialized world – without a food source in your backyard

    herding cats is tough .. do you blame the breeders or the hoarders .. I blame an opsys out of date

  4. Greg0658 says:

    blame blame blame

    breeders – population growth is needed or there will be to many homes and stuff (unless destroyed)
    alas, to much of a commodity lessens its value AND high IQs are in short supply

    hoarders – feel the need to save for rainy days and show proof they are tough winners

    opsys – doesn’t allow money to circulate properly – money doesn’t burn up* or evaporate* into thin air – it just doesn’t go far enough for everyone to be happy

    earths self contained products of human sustainability do tho
    IQ growth and desire can be burnt by improper carrot & stick routines

    • Goodliffe says:

      Paradigm shift — opsys upgrade — I totally agree.

      By the end of this century, human population will be 10 billion — pretty much peak capacity. 70-85% of whom will dwell in cities, because there’s no place else to put them. Cities are more efficient than forests or farms for human existence.

      Money and cities show up pretty much simultaneously in our history. Money provides social stability by absorbing the surplus time created by urban life. Idle hands are the devil’s tools. Hungry mobs are trouble. Caesar’s Rome knew the necessity of bread and circus policies.

      What is required is a Government jobs program to assure full employment for the masses. Space conquest and colonization is where our focus should turn. This would provide a constant and sustainable exchange of value for value between the sovereign state and the tax paying citizens.

  5. victor says:

    The issue of money is sorted out neatly in all Marxism-Leninism 101 courses taught in all universities in the USSR and her satellites and required for a college degree. The theory went like this: according to Marx, in both phases of socialism/communism there would be no state or money economy. Lenin, on the other hand, said that socialism (or the first phase of communism) is a transitional society between capitalism and full communism, in which there is both a state and money economy. It is now up to N. Korea’s leadership to put the theory into practice.