Tag Archives: government

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

What does inflation mean!


This week on Facebook: I am still being asked, “Who is it that this debt is owed to. The examples of  public debt that I referred to last Sunday appear’s to be of little concern to an electorate who assume that economic growth can continue unabated. The electorate’s assumption appears to be that the distribution of this perceived economic growth will be used to support the State’s spending on a social welfare programme. It ignores the history of their public administration’s attitude to debt and particularly to austerity. It was Germany that adopted the earliest modern social welfare programme under the aegis of Otto von Bismarck in 1889 (3).

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Sunday 4/8/2019


This Sunday on Facebook: It’s impossible to separate money from inflation in a fiat money world, then it is also impossible to separate money from the gold standard if the rate of exchange is determined by the State.

Money, it’s a crime
Share it fairly, but don’t take a slice of my pie
Money, so they say
Is the root of all evil today
But if you ask for a rise, it’s no surprise
That they’re giving none away

Pink Floyd’s lyrics, “Share it fairly but don’t take a slice of my pie“, hold as true today as nearly 50 years ago when the song was written. A ‘slice of my pie’ is always the issue. In my post of 2011, I wrote that the war reparations of WWI that were imposed on Germany 100 years ago caused the resignation of John Maynard Keynes from the British delegation. In Keynes’ book The Economic Consequences of the Peace Keynes pointed out that the principle of accumulated wealth based on inequality was a vital part of the pre-First World War order of Society and ‘progress’ as it was understood then. Echoing a principle common in todays world that it is unnatural for a population minority to accumulate such huge wealth when so few enjoyed the comforts of life.

The hyperinflation brought about by The Weimar Republic, compounded by the Treaty of Versailles a 100 years ago, being tempered by the thought that it couldn’t happen to money in the UK. Of course I didn’t count on the Bretton Woods Agreement introducing fiat money to the world in 1971.  In my naivety (I was very young at the time), I assumed that politicians acted as the representative of their electorate. Instead the State’s public debt is a common function of all working economies. There has been an increase in the debt to GDP ratios throughout the world in past decades and yet The U.S. Dollar Still Dominates Global Reserves.

Perhaps it is time that the eccentric heroine of Christopher Isherwood’s novella Sally Bowles is resurrected — thought I doubt very much that any new terms will be invented for the inflation created by the State in a fiat money world.

Part of the fascination of Weimar Berlin lies in the mirror it holds up to our own time. In Cabaret, fictional Nazis beat up the gay hero and kill cabaret owners who dare to criticise, or simply to make people laugh at, pomp and stupidity. If the musical is at last being staged in a Berlin that never made much of Isherwood, then it may be because the producers want to emphasise alarming parallels. A newly vibrant German and European capital, Berlin today has record unemployment and recession is a returning threat. Some of the young have embraced the violent right, with its hatred of foreigners and permissiveness, and parade menacingly through the streets. Wicked joys (2004)

 

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

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

Aasof: “You know how to whistle don’t you?”


This week on Facebook: My post last Sunday brought home the fact that I belong to the Pinocchio generation, that of the Walt Disney era but including Sabu and long before Disney’s Jungle Book. I now realised why my mum took me to the pictures so much during WWII, but that’s an anecdote for another time. Lauren Bacall belonged to my mum’s generation and the memories of the films she took me to see live on my mind. Excerpts from the films may be enhanced by references in the social media, but I now belong to a generation whose memories increasingly have little in common with my children and nothing in common with my grandchildren.

Why coming to see death’s naturalness should have caused belief in an afterlife to melt away, I am unsure, but it did. Diana Athill¹

Born in May 1939, on becoming an octogenarian I thought it an appropriate time on Facebook to at least mention the inevitability my demise. I know that some of you have already passed the octogenarian milestone — as had my mother-in-law, whom I told a story about in 2016 (encounter with the dying). I trust that demise never become millstone, like a dead albatross hung around the neck².

The following video by Peter Saul talking about dying was really enlightening and had a profoundly serious effect on my approach to the subject, increasingly so in my attitude towards others. Among the many articles that I found ‘Talking about death and dying’³ seems an appropriate adjunct to Peter Saul’s talk.

In the event that you became too sick to speak for yourself!
Who would you like to speak for you?

Peter Saul


1. “Memento more.” It’s time we reinvented death: (2012) As if we needed any reminder. While few of us know exactly when death will come, we all know that eventually it will. It’s usual to talk about death overshadowing life, and the passing of loved ones certainly casts a pall over the lives of those who remain behind. But contemplating our own deaths is one of the most powerful forces in our lives for both good and ill driving us to nurture relationships, become entrenched in our beliefs, and construct Ozymandian follies.

2. What Good Is Thinking About Death? (2015) But we’re not always actively thinking about it. When people are reminded of death, they employ a variety of strategies to cope—not all of which are as well-adjusted as Stoic gratitude. That many kinds of human behaviour stem from a fear of death is the basis of one of the most prominent theories in modern social psychology—terror-management theory.

3. What It’s Like to Learn You’re Going to Die: (2017) The shock of confronting your own mortality need not happen at that instant, Coyle notes. Maybe you look at yourself in the mirror and suddenly realize how skinny you are, or notice your clothes no longer fit well. “It’s not necessarily verbal; it’s not necessarily what other people are telling you,” Coyle says. “Your soul may be telling you, or other people’s eyes may be telling you.”

4. How to Recognise When Your Loved One Is Dying: (2018) Death is a personal journey which each individual approaches in their own unique way. Nothing is concrete, and nothing is set in stone. There are many paths one can take on this journey but all lead to the same destination. What happens in the journey of dying, beginning one to three months prior to death, during the last two weeks before death, and during the last few days of life? In this continuum, how can you know when your loved one is dying?

5. Let’s talk about the art of living and dying well: (2019) In a society that struggles to view any death as “good”, it is also an unmistakeable opportunity to share what at least constitutes a better death. Acceptance is foremost. Some of my most remarkable patients have accepted early that they have not been singled out by misfortune, that suffering in different shapes is the course of humanity.


Referenced Articles Books & Definitions:

  • A bold text subscript above and preceding a title below (¹·²·³), refers to a book, pdf, podcast, video, slide show and a download that is usually free.
  • Brackets containing a number e.g. (1) reference a particular article (1-5).
  • Links reference a source and where necessary, those words that include a link in italics are intended to indicate its context.
  • A long read url* is followed by a superscript asterisk.
  • Occasionally Open University (OU) free courses are cited.
  • JSTOR lets you set up a free account allowing you to have 6 (interchangeable) books stored that you can read online.

¹It’s silly to be frightened of being dead (url*): Death is the inevitable end of an individual object’s existence – I don’t say “end of life” because it is a part of life. Everything begins, develops – if animal or vegetable, breeds – then fades away: everything, not just humans, animals, plants, but things which seem to us eternal, such as rocks. Mountains wear down from jagged peaks to flatness. Even planets decay. That natural process is death. Killing is the obscene intervention of violence, the violation which prevents a human being or any other animal from reaching death as it should be reached. Killing certainly did affect the minds of those exposed to the first world war. It shocked most of them into silence: many of the men who survived fighting in it never spoke of it, and I think it had the same effect on most of those the men returned to. It was too dreadful. They shut down on it.

²An introduction to death, dying and grief (url/OU Free Course): Explore interesting and challenging ideas around death, dying and grief. This free course, An introduction to death, dying and grief, invites you to think more deeply about death and dying and encourages you to think about it in different ways. This course will introduce you to different perspectives on death; ethical issues related to dying and end-of-life care; as well as expressions of grief. Please note that this course includes video about people talking personally about their experiences in relation to death and dying. If you have been affected by the issues in these videos, there are resources included in the course for further information and support.

³Talking about death and dying (url): It’s not always easy to know how to talk about dying. Awkwardness, embarrassment and fear means we tend to shy away from connecting with those who are dying or those who are grieving. But when we don’t talk about what matters it can increase feelings of isolation, loneliness and distress.

 

Cassandra on Climate Change


This week on Facebook: I think that action on climate change (which I have been writing about) is a euphemism that enables people to write about the effects of Mathusianism, particularly when comparing economic growth and climate change. Not only is Malthusianism influencing world populations, it is increasingingly being used as a political weapon. A Malthusian catastrophe (in this case) precipitated by an Anthropocene Epoch which not even Thomas Malthus foresaw — a Malthusian world tied together more by individual  concerns over economic growth of their State, rather than the ideology of climate change. Read more of this post

Challenging Climate Change


This week on Facebook: It’s relatively easy to do research into environmental matter on line, I am a bit surprised how difficult it is to thoroughly research any view that may be contrary to the seemingly perceived consensus the climate change/global warming (call it what you will). However, perhaps a former president of Greenpeace¹ provides some explanation to this dichotomy. Read more of this post

New Scientist — Climate Change


This week on Facebook:  Many years ago I remember reading about a group of scientists (or perhaps not yet scientists), who affirmed the (known to them) expected results of a scientific experiment. The information (affirmation) was a false lead and the experiment was meant to find out how much scientists are biased by ‘expected results’. That scientists can be biased was a revelation to me (at the time), perhaps contributing towards my innate cynicism regarding scientific results¹.

10 Correlations That Are Not Causations: How Stuff Works 

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Aasof on Pollination


The entrance to a shop had a man with a stand presenting some environmental issue, to whom I curtly said that I wasn’t interested. However, having loaded the car on taking the trolly back I felt somewhat remiss in my attitude to people who tried to do a job in difficult circumstances. On my return to the shop I asked him if he was collected money. It appears that no-one collects money anymore, everyone wants you to subscribe to something (just like the ads on television). Read more of this post

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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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