Tag Archives: constitution

But what is Money?


This week on Facebook: I have posted a lot on the subject of money, often referring to Investopedia, the International Monetary Fund, European Central Bank (which is not a ‘central‘ bank at all) and the Encyclopaedia Britannica¹.

  • Investopedia: Everyone uses money.
  • IMF: Money may make the world go around, as the song says.
  • ECB: The nature of money has evolved over time.

Holding the views I do about money and especially ‘the double coincidence of wants‘ problem, I now find myself torn between the notions of commodity money and fiat money. Of course whether or not either money has value ultimately comes back to the double coincidence of wants, this time being set by the Foreign Exchange Market².

The value of a country’s currency depends on whether it is a “free float” or “fixed float”. Free floating currencies are those whose relative value is determined by free market forces, such as supply / demand relationships. A fixed float is where a country’s governing body sets its currency’s relative value to other currencies, often by pegging it to some standard. Free floating currencies include the U.S. Dollar, Japanese Yen and British Pound, while examples of fixed floating currencies include the Chinese Yuan and the Indian Rupee. Foreign Exchange Market

The reasons for a State investing in another State’s money may be quite complex, which raises the question of if China’s wealth is in the free floating USA dollars debt that it owns, or the fixed floating currency of the Yuan. Read more of this post

Inflation!


This week on Facebook: Last Sunday I tried to show the inflationary effect of fiat money that was introduced at Bretton Woods in 1971. While I think it was something that I failed to do successfully, I may have indicated how difficult it is to arrive at a figure for inflation that is not subject to government fiscal policy. Read more of this post

Sunday 28/7/2019


I did consider withdrawing this post, but it has made me look at ‘Measuring Worth‘ in a new light and is useful to me. Specifically it made me consider how complex the issue of inflation actually is in a fiat money world. Especially in the light of the Retail Price Index and the Consumer Price Index that comprise the items making up the UK’s ‘shopping baskets’.

The best that I could do was to measure the value of one pound (UK) using three sequential periods from 1947 until 1970 and from 1972 until 2018. I missed out 1971 as it was the year that fiat money was introduced into the global economy. Even so the cost of inflation to the consumer for a basket of goods not included in the RPI or CPI indices was hard to identify. This is particularly true of groceries that are considered to be a necessary expenditure. Food is approximately 10% of the basket depending on the percentage variability of the other included items.  The following notes below point out that measurements of inflation are based on a fiscal policy that is related to the RPI, CPI indices.

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We the People


This week on Facebook: I would venture that there never has been a time in history of mankind when there was not a wealthy Aristocracy. The Encyclopaedia Britannica opens with the definition that aristocracy means, ‘government by a relatively small privileged class or by a minority consisting of those felt to be best qualified to rule’.

Of course the vast majority of people supporting this ‘privileged class’ have no desire to rule, they are only interested in their own welfare. However, the even smaller privileged class¹ that they currently support most certainly do. Furthermore, be they capitalists or socialists, or even the demos (whoever they may be), the ruling elites always claim that they represent the views of ‘we the people’.

It seems to me that the nature of the ultimate revolution with which we are now faced is precisely this: That we are in process of developing a whole series of techniques which will enable the controlling oligarchy who have always existed and presumably will always exist to get people to love their servitude. (Aldous Huxley – Berkeley 1962)

Written nearly 500 years ago and preceding Aldous Huxley’s remarks, the prescience of Étienne de La Boétie ought to be remembered for his essay The Politics of Obedience — The Discourse of Voluntary Servitude. Both are now largely forgotten by a demos that loves its voluntary servitude under a controlling oligarchy. However, searching for a political system on which there would be a consensus in the nature of a more perfect union is a fruitless task, as is any reliance on ‘we the people’ seeking political solutions to their subjugation. Read more of this post

Meritocracy in China & Authoritarian Democracy


This week on Facebook: I decided to publish a previous post of mine (at least in part), the original has been changed and can be read here. The reason for this reprise being my wish to include the new references at ¹⁄²⁄³ in the post. I’ve also changed an article to one that doesn’t require a subscription or any ‘extra’ reading and made changes to the text, making it compatible with my current posts.

Perhaps the question to ask ourselves is, “Whether or not there is an alternative?”

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A Peace of the EU — then there’s France!


 This week on Facebook: Perfidious Albion¹ was a phrase much used by Napoléon Bonaparte, who would know the epithet as La Perfide Albion. There has been an enmity between Britain and France at least since the loss of the Angevin Empire by the English (or should that be the Norman invaders) and the 100 years war. It may even be the English insistence on calling themselves Anglo-Saxons, a term used by the French in a pejorative way.

I am sure that the French teach their history as proof of perfidious Albion, with the Fashoda Incident added for good measure. The Fashoda Incident was not taught when I was at school. If it was a mentioned at all would have been overshadowed by General Gordon and Churchill (that hero of the English right and enemy of the British left) participating in the last cavalry charge at the Battle of Omdurman.

The English view of the French is hardly helped by those other Anglo-Saxons during World War I saying, “Lafayette, nous voilà“. Those other Anglo-Saxons who consistently fail to acknowledge the French contribution to the American Revolution. Something the British (or should that be English) also choose to deliberately ignore, even when teaching Cornwallis’s surrender at Yorktown.

Perhaps, joyously received by the French and resentfully by the British (including the English), was General de Gaulle’s now famous “Non to the British application to join the EU. De Gaulle was probably right about one thing (see cartoon below) and that was the English thwarting of European dominance by France — except Charlemagne who may (contrary to popular belief) not have spoken french. The English at this time were real Anglo-Saxons and had their own problems which, had he chose to, Charlemagne could have probably resolved. There are many claims that de Gaulle was the prophet of Brexit ensuring the recognition of the Anglo-Saxon intentions to the EU and the perfidy of Albion was understood by all.

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Secession!


This week on Facebook: Last weeks post prompted me to research secession¹, whereupon I was surprised by the increase in the desire of various factions within States to secede (although living with the vestiges of the British Empire, I shouldn’t have been). There are as many and varied reasons for secession as there are methods of seceding, equally there are many are arguments for and against secession. Secessionist sentiments are in all of the major and minor political ideologies, with some having successfully seceded in the past 250 years or so and some failing to do so.
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What is the EU?


This week on Facebook: Following a defeat (yet again) of Theresa May’s Brexit plan by the UK parliament, the following may be of interest. They are articles on Brexit provided by the USA (European Union), Al-Jazeera (European Union News), Germany (European Union), and a video (7min) providing a good description of how the EU actually works.

It’s impossible to discuss the European Union¹ (EU) without mentioning Brexit and I have written a lot about the EU — often with a somewhat cynical view about Brexit. It has been my assumption (wrongly as it turns out) that people knew what the EU was, what it had become and where it was heading! Where the EU is heading is a difficult question to answer and one that only provides hypothetical answers, especially when the question is asked in the context, “What is the EU?”. Read more of this post

A Hostile Activity?


This week on Facebook: Interpretation of the rule of law brought about the English Civil Wars, vexation over it created fertile ground for the American Revolution and it is (probably) the main cause of the present split between the UK and the EU (Brexit). Last week I posted about ‘The Rule of Law‘, and on the Sunday before posted an article from the Oxford Human Rights Hub (OHRH)¹. The OHRH compared the Chinese Communist Party (CCP) support for the ‘Rule by Law’ and its meritocratic abuse with the democratic ‘Rule of Law’ espoused by governments in the West.

To my mind there is a very fine line between the two with personal wealth and influence being the key to justice under both, with the OHRH claiming that the distinction between the two is more than semantics. While both police law’s rules, the OHRH states that the formulation of the rules have quite different intentions. The human rights element is considered intrinsic to the ‘Rule of Law’, however the OHRH states that in China — ‘Rule by Law’ is less about ensuring compliance with the law than about ensuring the top leadership’s control over its bureaucracy in the CCP.

Peter Oborne wrote in his 2008 book that politicians now despise the values of traditional institutions that once acted as restraints on the power of the state — the independence of the judiciary, the neutrality of the Civil Service and the accountability of ministers to the Commons.  Decades earlier in 1979 James Anderton stated that from the police point of view, what will be the matter of greatest concern will be the covert and ultimately overt attempts to overthrow democracy, to subvert the authority of the state.

Both point to a desire by politicians to increase the authority of the State and by the police to enforce the laws that do so. Increasingly the State in UK is introducing laws that increases its authority while purporting to protect the civil rights and civil liberties of its citizens. In doing so, the public administration of the UK State moves inexorably closer to that of a supreme authority who ‘Rule by Law’.

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The Rule of Law


This week on Facebook: Last week the case of Shamima Begum caused me to consider the Rule of Law, this led me to the rule of law as being a modern concept, despite the connection with Aristotle (1). The rule of law is regarded as being fundamental to the governance of the UK and is taken by some to be included in the Magna Carta, or implied by it (2). What Magna Carta (the document) actually proscribes is entirely different from that which it is generally proscribed to it (3).

The significance of Magna Carta lay not only in what it actually said but, perhaps to an even greater extent, in what later generations claimed and believed it had said. Sometimes the myth is more important than the actuality. (Lord) Tom Bingham — The Rule of Law (p19)

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Martin Widlake's Yet Another Oracle Blog

Oracle performance, Oracle statistics and VLDBs

The Land Is Ours

a Landrights campaign for Britain

The Bulletin

This site was created for members and friends of My Telegraph blog site, but anyone is welcome to comment, and thereafter apply to become an author.

TCWG Short Stories

Join our monthly competition and share story ideas...

The Real Economy

Blogs and stuff from Ed Conway

Public Law for Everyone

Professor Mark Elliott

Bleda

Am I my Brothers keeper?

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