|Trade| Trade > Market > City, > Contract > Credit > Accounts > Unit of commodity money, Coinage > Notes > Currency > Fiat Currency Babylonians used the Shekel or a single unit of barley as commodity money, including rules of debt in 3000 bc. Metals were used as proto-money in egypt and babylon by the same period. Europeans are familiar with arm-bands of metal as stores of wealth. Coinage was invented in the Aegean, India, and China around the same time – the end of the bronze age dark age – in the 700-600s bc. The oldest coin I know of is from the Temple of Artemis at Ephesus. It is most likely that coinage was NOT developed in the fertile crescent because commodity money was sufficient for the density of land trade. It is most likely that it developed in the aegean because of the heterogeneity of production and sea trade. It is most likely that it developed in china because of the political, regulatory and tax structure, and the long distance of trade. There certainly is universal incentive to create coinage to pay for military service although plunder was enough of an incentive. I do not know enough about trade patterns in ancient india to speculate on the generation of demand for coinage – or why india was less successful than china in consolidation – I assume it is distance, geography and demographic distances.
Category: Economics, Finance, and Political Economy
-
Eliminate the Capitalism vs Socialism Extremist Problem
Eliminate the Capitalism vs Socialism Extremist Problem. https://propertarianism.com/2020/02/25/eliminate-the-capitalism-vs-socialism-extremist-problem/
Source date (UTC): 2020-02-25 14:01:50 UTC
Original post: https://twitter.com/i/web/status/1232304699535175680
-
Eliminate the Capitalism vs Socialism Extremist Problem.
—“Jacob Schiff and Paul Warburg showed that ethnocentrism trumps the dichotomy “isms” of economics but we’re still bound to an “ism” at a group strategy level.”—Chris Moyer
In other words ethnocentrism and rule of law of reciprocity will eliminate the capitalism vs socialism extremist problem.
-
Eliminate the Capitalism vs Socialism Extremist Problem.
—“Jacob Schiff and Paul Warburg showed that ethnocentrism trumps the dichotomy “isms” of economics but we’re still bound to an “ism” at a group strategy level.”—Chris Moyer
In other words ethnocentrism and rule of law of reciprocity will eliminate the capitalism vs socialism extremist problem.
-
The Full Circle of Currency
The Full Circle of Currency https://propertarianism.com/2020/02/25/the-full-circle-of-currency/
Source date (UTC): 2020-02-25 13:55:33 UTC
Original post: https://twitter.com/i/web/status/1232303118831976450
-
The Full Circle of Currency
Currency Started as Debt Tokens, and has returned to debt tokens. Under P-Constitutional reforms, the cycle will be complete. Although more technically they are shares in the state or economy, issued in print, coin, or digital record as currency, and functioning as debt tokens. Familiar Analogy: you go to the amusement park. You buy tokens from the park. You redeem the tokens for rides and games. The owners of rides and games redeem tickets with the park owners. The purpose in this case is to ensure the park owners get their cut (tax, fee), because the incentive to skim (clip coins) is eliminated. Reversing the familiar analogy: you buy from a merchant on credit, the state issues debt tokens (currency) to you. And you later pay the debt plus a fee using those tokens, and the state redistributes them. The present problem is that it’s not the state (you) collecting the fees for having borrowed from yourself. Instead, the state should largely exist by finance and credit that is largely privatized against the interests of the people.
- by Bill Joslin –
From what I understand currency evolved for debt tracking before it was used for trade. It served as an in-group tally of debts within small communities that distributed resources and only engaged in formal trade across groups). (Greaber’s Debt)
Oddly we’ve come full circle with currency created when debts are issued.
-by Paul Franklin – Coinage, then, might have been an attempt to create professional armies to avoid paying them through plunder? Philanthropic. Paper money, according to Ezra Pound, was ‘philanthropic’ invention of a Chinese Emperor in a drought, issued to the starving illiterate peasants that they might buy enough of the grain they grew from the Barons who kept it, and not die. The barons redeem the paper for the promise of gold declared for their presentation before the Emperor.
- by Bill Joslin –
-
The Full Circle of Currency
Currency Started as Debt Tokens, and has returned to debt tokens. Under P-Constitutional reforms, the cycle will be complete. Although more technically they are shares in the state or economy, issued in print, coin, or digital record as currency, and functioning as debt tokens. Familiar Analogy: you go to the amusement park. You buy tokens from the park. You redeem the tokens for rides and games. The owners of rides and games redeem tickets with the park owners. The purpose in this case is to ensure the park owners get their cut (tax, fee), because the incentive to skim (clip coins) is eliminated. Reversing the familiar analogy: you buy from a merchant on credit, the state issues debt tokens (currency) to you. And you later pay the debt plus a fee using those tokens, and the state redistributes them. The present problem is that it’s not the state (you) collecting the fees for having borrowed from yourself. Instead, the state should largely exist by finance and credit that is largely privatized against the interests of the people.
- by Bill Joslin –
From what I understand currency evolved for debt tracking before it was used for trade. It served as an in-group tally of debts within small communities that distributed resources and only engaged in formal trade across groups). (Greaber’s Debt)
Oddly we’ve come full circle with currency created when debts are issued.
-by Paul Franklin – Coinage, then, might have been an attempt to create professional armies to avoid paying them through plunder? Philanthropic. Paper money, according to Ezra Pound, was ‘philanthropic’ invention of a Chinese Emperor in a drought, issued to the starving illiterate peasants that they might buy enough of the grain they grew from the Barons who kept it, and not die. The barons redeem the paper for the promise of gold declared for their presentation before the Emperor.
- by Bill Joslin –
-
PREDICTION OF THE ECONOMIC CONSEQUENCES OF #CORONAVIRUS (#COVID19, #WUHANVIRUS )
PREDICTION OF THE ECONOMIC CONSEQUENCES OF #CORONAVIRUS (#COVID19, #WUHANVIRUS )
—“Curt … this is off topic but … have you given any thought to the likely path for the Coronavirus? Been reading non-stop about this for weeks. It’s an interesting problem. No obvious answer I can see, though one could reasonbly throw darts at a chart of distributions of likely outcomes …”— Michael
I have worked on it a little bit every day – but I’m in the same position everyone else is – it’s extremely transmissible (R2.5-3.8), and almost impossible to eradicate because of its carrier capacity (invisibility), carrier duration(weeks), and durability on surfaces, but it’s not fatal often enough or fast enough (2.3%).
The problem with the illness is the duration – it keeps people out of the work force for at least two to three weeks, and up to six weeks or more including recovery. It requires hospital beds, medication, and ventilators (space and equipment) to keep them alive for weeks. So as ‘information’ the virus really, really difficult to quarantine. And difficult to eliminate because of that. And costly and time consuming. But it’s not that deadly.
(Aside: Gross Horror Category: ““While a sneeze or a cough by someone infected with a “respiratory disease” can only infect others within a few meters, the virus-laden gaseous plume from an infected person having diarrhea can infect others up to 200 meters.“)
This whole thing is rather interesting because its NOT as fatal as the Spanish flu. It’s not clear it’s even as fatal as the seasonal flu. The economic disruption we’re seeing is largely from the quarantine efforts, not from the disease itself. And I expect the drop in consumer activity as it spreads. But again, it’s just not that deadly. So, given that the death rates are low, it’s kind of questionable whether we are creating a scare, a crisis, an economic recession or depression, because of an overreaction.
My current, and conservative. prediction is that unless we soften our efforts at containment and shut down the drama, it will cause long term interruption of economies because of its durability rather than deaths, and that it will just go on for years, dragging us down.
So, I have a hunch that we will see a propaganda effort by the cdc and governments to say this is just going to go through the world population like any other flu, and that it’s no deadlier than any other if we take care of it. So “go about your business’, and go to the hospital if it gets bad. We are already seeing this. Look for the phrase “switch from containment to mitigation”. In other words it can’t be contained so we just have to get better at treating it.
So, at present, its a bad case of the seasonal flu that for a minority of patients puts them in hospital care for a long time, and for an even smaller minority of patients with comorbidities it puts them at risk of mortality.
If it continues at present rates, with present rates of expansion, at present rates of infection, it will definitely affect the world economy – which is what the markets said today.
But at present, unless there is some dramatic increase in deaths, I expect cooler heads to eventually prevail.
Source date (UTC): 2020-02-24 20:07:00 UTC
-
“So by the end of this century, as little as 1/5 of the population of the presen
—“So by the end of this century, as little as 1/5 of the population of the presently-industrialized world could be responsible for perhaps (my number) 85% of productivity, living in physical comfort but shunted into an ever-tighter technical labor market requiring career dedication to stay ahead in (hence out of the underclass), while also keeping its boot on the neck of the other Westerners that (literally) couldn’t learn to code, and an eye on the roiling Third World population at the same time?”—Stan De Santis
Correct.
The consumption led capitalist order cannot persist.
The redistirbutive socialist order cannot persist.
We need a new order.
That’s what I’m suggesting.
Shifting from single to multiple economies.
Source date (UTC): 2020-02-24 19:38:00 UTC
-
THE FULL CIRCLE OF CURRENCY – by Bill Joslin – From what i understand currency p
THE FULL CIRCLE OF CURRENCY
– by Bill Joslin –
From what i understand currency pertained to debt tracking before it was used for trade. (in group tally of debts within small communities that distributed resources and only engaged in formal trade across groups)(greaber’s Debt)
(oddly we’ve come full circle with currency created when debts are issued)
-by Paul Franklin –
Coinage, then, might have been an attempt to create professional armies to avoid paying them through plunder? Philanthropic.
Paper money, according to Ezra Pound, was ‘philanthropic’ invention of a Chinese Emperor in a drought, issued to the starving illiterate peasants that they might buy enough of the grain they grew from the Barons who kept it, and not die.
The barons redeem the paper for the promise of gold declared for their presentation before the Emperor.
Promise? Is this the same post?
One message I have for Christians, one thing that I can tell you with the same certainty I can predict tomorrow’s sunrise will occur – Christ is definitely not coming.
No point in waiting for that promise to be fulfilled.
Although the implication is therefore that he must already be here?
Source date (UTC): 2020-02-24 10:49:00 UTC