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Anonymous Coward writes:
"http://www.theguardian.com/commentisfree/2014/mar/ 18/truth-money-iou-bank-of-england-austerity
Back in the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn't know how banking really works, because if they did, 'there'd be a revolution before tomorrow morning.'
Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window."
(Score: 3, Insightful) by maxwell demon on Tuesday March 25 2014, @08:29AM
A system not based on any faith cannot work. Indeed, even the assumption that the laws of physics will be the same tomorrow as they were today is based on faith: There's no logical necessity that the laws continue to hold, and strictly speaking there cannot be true evidence of anything in the future.
Note that we may actually live in a false vacuum, and a false vacuum decay front may already approach us with the speed of light right now (undetectable by us, because it moves with the speed of light, so we cannot see it before it arrives, and as soon as it arrives, we won't exist anymore).
And no, the possibility of a false vacuum is not science fiction, but a consequence of quantum field theory when including the Higgs field.
The Tao of math: The numbers you can count are not the real numbers.
(Score: 1, Insightful) by Anonymous Coward on Tuesday March 25 2014, @04:49PM