THE Global Justice Movement Website

THE Global Justice Movement Website
This is the "Global Justice Movement" (dot org) we refer to in the title of this blog.

Wednesday, April 1, 2009

Not an April Fool: "Abolish Money"

Aside from such fooleries as a protestor dressed up as the Easter Bunny, there is not a lot to laugh about in light of the violence that is rocking London today. What is described as a crowd of roughly 4,000 "anarchists, anti-capitalists, environmentalists and others" rioted through London's financial district in what they are calling "Financial Fool's Day." It is not clear, however, which group, the capitalists or the rioters, is being more idiotic.

Neither side can truly be said to understand money, whether it's the capitalist belief that the secondary markets for debt and equity run the world, or the protesters' demand to "abolish money." "Money" is derived from production and has a necessary link to productive assets and marketable goods and services. The capitalists are chasing what, to all intents and purposes, is a chimera that has no existence apart from their own imaginations. For their part, the rioters are effectively demanding an end to all economic activity, which makes up the bulk of social interaction.

Neither side appears to understand that "money" is a social construct, the result of agreements — promises — between people. The capitalists are busily making promises for other people to keep, while the protesters want to do away with promises. Neither side has a firm grasp on reality.

While they might not realize it, a proposal that has the capacity to solve the problems of both sides can be found in CESJ's Capital Homesteading proposal, in which reform of the institutions of money, credit, and banking play a pivotal role. It's at least worth investigating, and makes much more sense than dressing up like the Easter Bunny to illustrate some obscure point or disguise an end run around police to destroy property and endanger lives.