Thursday, 20 January 2011

Enough is enough

Dear Blogees,
Watch this, a renowned economist, Richard D Wolff gives his views on the present economic crisis.


 


 So, stop me if I've got this wrong. We have a apparent deficit of currency, cash, the medium of exchange that was created to make commercial transactions more portable (very difficult to give you a heard of sheep for your 20 acres when we're in different ends of the country) despite the fact that we, I mean as a race, a nation, a economic future have enough to cover all the shortfalls. The resources that they represent have been used or still exist and inflation will dwindle their correlation.

Currency is a very abstract concept, especially if you consider that the gold standard is now but a myth. Credit allows the liquidation of non-existent currency. Basically money is something that has no intrinsic value other than its value of faith which is unsupported by a tangible resource (even gold only has a perceived value).

What I'm trying to say is that something that is not really in short supply and does not sustain life i.e. we can't eat it, drink it, use it for shelter is removing, on mass, peoples' ability to eat, drink and have shelter and that something was created to make life easier.

Go figure! 

check out this link (couldn't get it to be embedded) worry not it's BBC

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