SoylentNews is people
SoylentNews
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: 1) by Boxzy on Thursday March 27 2014, @02:10AM
that value of money exists after monetary collapse
How does that support your claim? Markets for concrete things can collapse as well.
Jeez, explaining the obvious gets really old. THE MARKET is just another way of saying MONEY.
When markets collapse, when your whole monetary system collapses, the money vanishes into thin air. Concrete things can be bartered for other concrete things. CONCRETE THINGS DON'T VANISH. Sure you can't sell them for Market price after the market goes away, but I would have thought that was obvious. The thing to do, to increase your ability to survive, is to trade in USEFUL goods and products. ie. not gold, not silver, not various futures, not shares in facebook or whatever flavour of the month BS artist is generating faith this month. Remember Apple? how the products are sub-par but the perceived value is high? MARKETING. Yes, marketing is the entirety of the 'market' there's no there there. Just a lot of hot air and a strong smell of BS. and yes, I'm prepared for another round of downmods, just shows how angry and you all are and how much you need what I say to be wrong. How many of you downmodding me are athiests? You depend on this belief system that the almighty dollar and the pursuit of profit are above all criticism yet claim that those who believe in other non-physical ideology are crazy. Lots of hypocrisy around today.
Go green, Go Soylent.
(Score: 1) by khallow on Thursday March 27 2014, @11:24AM
Yes, I'm aware of how it works because this sort of collapse has happened before (for example, hyperinflation). But in modern times, it hasn't been hard to reestablish a currency and markets again after the collapse. One merely needs to look at real world examples to see that you haven't thought this through.
And MARKETING != markets. You conflate two unrelated concepts.