Last Thursday we asked the eternal question, Where does the money come from so people can buy capital and supplement or replace what they produce with their labor? As we promised, here is one possible answer. But first, why is where the money comes from such a big deal? Money is money . . . right? Well . . . maybe. Up to a point. And the point is . . . ?
Thursday, August 17, 2017
Wednesday, August 16, 2017
Yesterday we raised the eternal question, if capital ownership is so good, why aren’t more people owners? The answer is that the rich who control existing money and credit aren’t likely to let go of it, and most people who are not rich do not generally have access to new money creation that would enable them to purchase new capital that pays for itself out of its own future earnings, and thereafter provides income for the owner.
Tuesday, August 15, 2017
Yesterday we looked at the importance of economic democracy to political democracy and, of course, justice — and asking why U.S. Secretary of State Tillerson is having the Department of State draft new statements of purpose, mission, and ambition that drop the commitment of the United States to support democracy and justice. The U.S. not support democracy and justice? Isn’t the United States supposed to be the beacon to the world for democracy and justice? What gives? It’s right there in the Preamble to the United States Constitution, isn’t it? —
Monday, August 14, 2017
According to the Project on Middle East Democracy (POMED), United States Secretary of State Rex Tillerson recently announced that the Department of State is drafting new statements of purpose, mission, and ambition. These will jettison the U.S.’s commitment to justice, democracy, and personal liberty. As POMED Executive Director Stephen McInerney said,
Friday, August 11, 2017
While we have some bad news this week, we thought we’d start out with a little — or a lot — of good news. Somewhat to our surprise, the weekly talks given by Dr. Norman Kurland have proved phenomenally popular . . . everywhere except in the United States, where many of these ideas originated! There are more than twice as many listeners tuning in from Russia than from the U.S. As for the Philippines, roughly a third of the total listeners (numbering in the thousands now) come from that country:
Thursday, August 10, 2017
Yesterday we noted that to get Social Security out of the hole it’s in, if everyone (or at least most people) in an economy owned sufficient labor and capital to produce enough marketable goods and services to generate income sufficient to meet the needs of someone and his or her dependents, the economy would be in balance, and justice would have an easier time of it. Okay, those weren’t our exact words, but they’re close enough to what we meant.
Wednesday, August 9, 2017
One of the biggest problems with Social Security — with any of the social welfare programs in place in most countries in the world today — is the fact that they are being used to do something that they were never intended or designed to do: be the primary or even sole source of income for people no longer working or unable to work. Social Security was intended as an economic safety net, a sort of systemic poorhouse to ensure that no one fell through the cracks.
Tuesday, August 8, 2017
We haven’t ranted about the problems in the Social Security system for a while, but an article struck our eye a couple of weeks ago. As soon as we got back from the ophthalmologist, then, we decided to do a blog on the subject. After all, none of us is getting any younger, and the government doesn’t have forever to fix the thing.
Monday, August 7, 2017
We’ve been talking quite a bit about expanded ownership and the need for monetary reform, tax reform, and even reform reform, i.e., the need to reform how we reform institutions. (For the record, “reform reform” is social justice: if our institutions prevent or inhibit people from fully participating in the common good, social justice fixes the institutions so that people can fully participate; it doesn’t try to force participation without changing institutions.)
Friday, August 4, 2017
What is particularly interesting over the past couple of weeks is the reception that the presentations by Norman Kurland have been getting around the world. The audience has been increasing in quantum leaps by hundreds of percentage points each time. Nor is that the only thing going on:
Thursday, August 3, 2017
’Way back in Ancient Times, about 1922 or so, the irascible George Bernard Shaw (1856-1950) and the genial Gilbert Keith Chesterton (1874-1936) got into a . . . discussion. Anybody else would have called it a knockdown, drag-out fight, but Shaw and Chesterton were old friends who managed to stay that way by not agreeing on anything except that they irritated each other.
Wednesday, August 2, 2017
Yesterday we noted that the way for people to “make money” is to be productive. This is because “money” is anything that can be used to settle a debt, and a debt is an obligation to deliver something of value. There being only two ways to get something of value (make it yourself or get it from somebody else), we either have to produce whatever we want, or produce something that we can exchange to others to get what we want.
Tuesday, August 1, 2017
|Aureus of the First Citizen|
It somehow seems appropriate on the first day of August to have a posting about money. August is named after Caesar Augustus. In addition to stealing a day from February because 1) Julius Caesar added a day from February to his month, July, 2) a month named after a living god needs thirty-one days instead of a boring thirty, and 3) February got stuck because it was the last full month of the Roman calendar year — all really good reasons for messing things up — he also instituted a new coin, the “Aureus,” or “Gold Coin” that has maintained its weight and purity down to the present day, although not the same name.