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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: 0, Troll) by Boxzy on Monday March 24 2014, @11:57PM
You are talking about products not vague concepts like money. The two are lightyears apart.
Go green, Go Soylent.
(Score: 1) by Tork on Monday March 24 2014, @11:59PM
Slashdolt logic: 1600 x 1200 > 1920 x 1200
(Score: 2) by Boxzy on Tuesday March 25 2014, @12:08AM
Wow, what an amazing argument. I give in. The American economy relys on its brutal ownership of the oil industry to keep afloat. while the rest of the world is forced to buy and sell oil in dollars no bad checks will be cashed on the US's horrendous economy. If you want hundreds of examples of why this is true just look at the war history of General Smedley http://r.duckduckgo.com/l/?kh=-1&uddg=http%3A%2F%2 Fwww.wanttoknow.info%2Fwarisaracket.shtml [duckduckgo.com]
Go green, Go Soylent.
(Score: 1) by Tork on Tuesday March 25 2014, @12:10AM
Slashdolt logic: 1600 x 1200 > 1920 x 1200
(Score: 2) by Boxzy on Tuesday March 25 2014, @12:24AM
I never attempted to disprove your disproveable statement, I posted a more generally important concept, that what you rely on is a lie.
Go green, Go Soylent.
(Score: 1) by Tork on Tuesday March 25 2014, @12:32AM
Slashdolt logic: 1600 x 1200 > 1920 x 1200
(Score: 3, Insightful) by Fluffeh on Tuesday March 25 2014, @12:09AM
If you consider currency traders, I think that money can be treated as a product. Also considering all the people that "invest" in money by saving it, it pretty much is a product.
Of course, as a totally abstract level, if all form of trading is compared to a barter system - goods of one sort for another, money simply becomes another good to be traded.
I don't think that the two really are lightyears apart.
(Score: 1) by Tork on Tuesday March 25 2014, @12:16AM
Slashdolt logic: 1600 x 1200 > 1920 x 1200
(Score: 2) by Boxzy on Tuesday March 25 2014, @12:29AM
Value is most definitely value. When money collapses, food, building materials, fertilizer, many things remain of value. MONEY DOES NOT. the two are lightyears apart.
Go green, Go Soylent.
(Score: 2) by Tork on Tuesday March 25 2014, @12:30AM
Slashdolt logic: 1600 x 1200 > 1920 x 1200
(Score: 1) by SleazyRidr on Tuesday March 25 2014, @10:57AM
What about when someone comes up with a better fertilizer and the price of fertilizer collapses?
(Score: 1) by Boxzy on Tuesday March 25 2014, @11:16AM
You are comparing replacement of one product with another product with lack of belief in an intangible faith? Let me rephrase your statement. "what happens to scientists when someone comes up with better science? Do they suddenly believe in god?" Makes no sense.
Go green, Go Soylent.
(Score: 2) by SleazyRidr on Tuesday March 25 2014, @03:21PM
I have no idea from where you pulled conjectures about the belief in God. I was making the point that the "real" assets you mentioned are also subject to price fluctuations, albeit to a more limited extent than money, owing to their more limited application.
(Score: 3, Interesting) by unitron on Tuesday March 25 2014, @12:54AM
Perhaps not as far apart as you think.
Anything only has value if you can get a buyer and seller to agree on that value, which is why anyone selling Beanie Babies needs to find a buyer other than myself.
But the law of supply and demand applies to both "goods and services" and to "money".
If there's a lot of money floating around out there, bread is going to be $4 a loaf instead of $2, because the increased supply of the money results in a perception that the value of each individual unit of it is less.
If there's a lot of money available for lending, borrowers can "buy" it for an overall smaller "interest plus principal" because the lenders are competing with one another to get you to "buy" their supply rather than the other guys, but if money is tight lenders compete with each other by offering to repay a higher total.
Supply and demand is like the broad concept of evolution--once you start looking for it, you find it everywhere, in one form or another, and they can even be inextricably intertwined.
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(Score: 0) by Anonymous Coward on Tuesday March 25 2014, @06:32AM
You must use a mighty large font.