Saving capitalism for a dying planet: a theory | 89 comments (89 topical, editorial, 0 hidden)

You are setting out the attributes of that "Object" which is Bank-created deficit-based Money.

The existence of this is a very large part of "the problem".

My point is that banks as credit intermediaries are simply unnecessary, when an alternative monetary system comprises:

(a) a barter network;
(b) bilateral credit, with a mutual guarantee, backed by a default fund;
(c) a "Value Unit",
(d) a Credit Manager formerly known as a Bank - as service provider.

Money is a relationship, not an object.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Mon Jun 18th, 2007 at 07:18:00 PM EST
[ Parent ]

No, I am setting out the attributes of ... (none / 1)

... money. Bank liabilities have not always served as money, but for something to serve as money, it should function as a medium of exchange, store of value, standard of deferred contract payment, and unit of account.

Of course money is a relation, not an object. Social institutions are not objects, even when they feel like objects in use.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Mon Jun 18th, 2007 at 07:49:23 PM EST
[ Parent ]

Re: No, I am setting out the attributes of ... (none / 0)

You say "something" ie some thing, or some object.

But the point is that "Money" is not in fact a "thing".

A Value Unit is abstract, and is a necessary part of the Money relationship.

A Value Unit is a "Unit of account" and also a "Medium of Exchange".

As for "standard of deferred contract payment", yes, a monetary system exists to split barter transactions over time.

But a "Store of Value"? Conventional interest-bearing money operates in this way, of course.

But in reality, definitely not. A "Store of Value" is what "Capital" is all about.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Mon Jun 18th, 2007 at 08:14:16 PM EST
[ Parent ]

Saving capitalism for a dying planet: a theory | 89 comments (89 topical, 0 editorial, 0 hidden)

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