Wednesday, January 25, 2012

Brief note


The post from 4 o'clock yesterday morning disputes the view presented in the David Graeber interview, that the Nixon decision of 15 April 1971 removed the "boundaries on the amount of money that could be printed".

The post from 4 o'clock this morning disputes the view presented in the David Graeber interview, that the Nixon decision of 15 April 1971 led to "debt spinning out of control".

Which is it? Is it printing too much money? Or is it too much debt? The interviewer, certainly, has no idea. Moreover, she has no better idea after the interview than she had before.

In order to understand the economic problem of our time, it is necessary to distinguish between money and debt.

3 comments:

Jazzbumpa said...

I'll read this series of posts when I have the time - I'll be running around today. Meanwhile, here is something to ponder.

You've stated that money is not a relationship, and that its not debt.

Tell me what it is.

When I asked that question at this link, I got that it's a relationship and that it's debt.

http://www.angrybearblog.com/2012/01/financial-markets-are-real-barter.html

Steve's highly abstracted response is also worth pondering.

So, I'll ask you the same question:

What is actual money, and where can one find it?

Cheers!
JzB

The Arthurian said...

Look in your wallet, Jazz. Perhaps there is a dollar there. That is money.

Perhaps there is a CREDIT card there. That provides access to credit, which we use for money. But it costs more.

Now I have told you more than you asked.

Jazzbumpa said...

You have just equated money with currency.

Is that your intent?

JzB