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In Greed We Trust 2
IN GREED WE TRUST
MONEY, CURRENCY, CHANGE
We get back change, but nothing changes really. Money changes people! Current is carrying folks away in their dreams and false realities…
c. 1300, "a wedge, a wedge-shaped piece used for some purpose," from Old French coing (12c.) "a wedge; stamp; piece of money;" usually "corner, angle," from Latin cuneus "a wedge," which is of unknown origin.
The die for stamping metal was wedge-shaped, and by late 14c. the English word came to mean "thing stamped, piece of metal converted into money by being impressed with official marks or characters" (a sense that already had developed in Old French). Meaning "coined money collectively, specie" is from late 14c.
Compare quoin, which split off from this word 16c., taking the architectural sense. Modern French coin is "corner, angle, nook.”
Fiat: it has been decreed, then agreed on, it is not backed by real value unless those who believe in the fiat conform to moral standards.
1630s, "authoritative sanction," from Latin fiat "let it be done" (used in the opening of Medieval Latin proclamations and commands), third person singular present subjunctive of fieri "be done, become, come into existence" (from PIE root *bheue- "to be, exist, grow"), used as passive of facere "to make, do." Meaning "a decree, command, order" is from 1750. In English the word also sometimes is a reference to fiat lux "let there be light" in Genesis i.3.
Summary: The Pros and Cons of Printing Money Out of Thin Air
The following are the summary of the advantages and arguments for fiat money:
• Provides the government with the capacity to exert considerable control over the economy through the monetary policy of the central bank
• The Great Depression demonstrated how abandoning commodity money to print money out of thin air could effectively stimulate the economy
• Fiat money is more practical than money tied to gold or silver because it does not depend on a finite resource that requires costly production
• Population growth and increased economic activity would outpace the capacity of societies to mine precious metals
On the other hand, below are the disadvantages and counterarguments or criticisms:
• It can lose its value due to inflation or become worthless during hyperinflation for the simplest reason that it is not backed up by physical reserves
• History shows that some governments can have the propensity to over pint money, thus artificially increasing the money supply
• Money is essentially created infinitely without intrinsically valuable commodity or more specifically, out of thin air at the expense of inflation
• It artificially lowers interest rates and provides incentives for taking excessive risks, thus leading to an escalating solvency crisis
Government, taxes, police, compulsory school
Stealing Your Energy
Stealing Your Money
Stealing Your Time
Intro: Time is too expensive - Del The Funky Homosapien
Stay on your toes - Del The Funky Homosapien
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