Here’s how you, too, can make a fortune by speculating in something that doesn’t exist. First, invent a virtual (fictional) commodity that can be generated by a computer program. Next, come up with a snappy name for it, oh, say, a “Wit-coin.”
|The South Sea "Bubble"|
Offer the Wit-coin for sale. You can even sell “Halfwit-coins” and “Quarterwit-coins” just to make it seem more official, and to get more people to become Wits, Halfwits, and Quarterwits.
You could even have a special terminology for people purchasing the virtual commodity, a “Non-existent Internet Transaction,” or “NIT.” They can then be “Nitwits.”
Then you establish an exchange where this fictional commodity can be bought and sold. You will, of course, make quite a “bit” on the transaction fees, but you might want a bigger payoff. If so, it will be easy, because there’s no way to leave a paper trail, and there’s no regulation. The record of the “asset” is the asset! All you have to do to move assets is move the record of the asset. That makes it much easier to baffle any auditors or intrusive income tax people.
|The Mississippi "Bubble"|
When the price of the virtual commodity is high enough, you borrow (without permission) as many Wit-coins as you can, and sell them at the high price. Then you shut down the exchange and wait for the price to drop. As soon as the price drops far enough, you buy back the Wit-coins you borrowed, make a huge profit on the drop in price, replace what you borrowed, and reopen the exchange!
Of course, if you’d rather make money honestly by producing a marketable good or service by means of your capital and labor, well, you could do that, too, but first we need a Capital Homestead Act. In order to do that, here’s what we’ve been doing this past week:
|Own the Fed!|
• Mark the annual “Rally at the Fed” on your calendar for the middle of April. This year’s could be a pivotal event, as the Federal Reserve did not begin operation until November of 1914, making this year the “real” centennial of the central banking system of the United States.
• The new CESJ website is making a big hit, and is proving to be very popular.
• Leda K., CESJ’s new intern, has been making great advances in understanding of the Just Third Way. She has made a number of valuable suggestions about communicating with younger people, which will be seriously considered.
• We have a series of meetings set for mid-March with some key people in a number of religious organizations. The meetings are scheduled to take place in Pennsylvania.
|"Is that a face?"|
• We are also working to schedule meetings with administrative officials and faculty at Georgetown University and American University to discuss the Justice University concept.
• Given the good reception that the Just Third Way Edition of Freedom Under God, “Fulton Sheen Project” members are considering republishing other works by other authors. While the titles being considered are outside CESJ’s area of direct interest, individual members of CESJ may be able to use CESJ’s connections to assist in the project, for which CESJ could receive a small honorarium.
• CESJ has received an enquiry about a possible internship from a student at Marymount University in Arlington, Virginia. The general level of interns CESJ has been getting for years has been exceptionally high, and the core group is always pleased to respond to enquiries. While internships are not paid, most interns have said that the unique perspective they’ve gained has been much more valuable than money.
|Let the sun drive YOUR chariot|
• CESJ’s president, Norman Kurland, had a meeting earlier this week with the founder of a solar power company in the southern U.S. which is making great strides in developing alternative sources of energy. The president of the company is very interested in exploring the possibility of working with Equity Expansion International, Inc., to develop advanced methods of finance to match the advanced energy systems. This makes sense, for while productive activity runs on energy, the economy and the market run on money and credit.
• As of this morning, we have had visitors from 60 different countries and 53 states and provinces in the United States and Canada to this blog over the past two months. Most visitors are from the United States, the United Kingdom, Australia, Canada, and Germany. The most popular postings this past week were “Thomas Hobbes on Private Property,” “Aristotle on Private Property,” “What is a ‘Bill of Exchange’?,” “Raw Judicial Power, V: A Pro-Life Economic Agenda,” and “Social Justice, IV: The Characteristics of Social Justice.”
Those are the happenings for this week, at least that we know about. If you have an accomplishment that you think should be listed, send us a note about it at mgreaney [at] cesj [dot] org, and we’ll see that it gets into the next “issue.” If you have a short (250-400 word) comment on a specific posting, please enter your comments in the blog — do not send them to us to post for you. All comments are moderated anyway, so we’ll see it before it goes up.