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Les Maîtres du Monde

by name Tue Jul 4th, 2006 at 09:16:01 AM EST

This is for those among you who at least understand french. I found this very insightful clip in french. It is titled "Les Maîtres du Monde" (The Masters of the World). It is about the screwed state of our world, about where the fascist conspirators who control everything have brought us. Whatever. Watch it if you want. Pass it on if you find it informative.

Here it is, for your enjoyment and edification


Found via http://signs-of-the-times.org.

And something else. In one of my last posts I implied that our money (Dollar, Euro, ...) is a scam, that any banknote has not more implicit value than Monopoly money. Jerome opined that that is not so in a comment.

Why is it not so ? Please explain to me exactly how and from what does the Euro derive its value ? Is the Euro backed by any perceivable amounts of Gold, Silver, Platinum, Diamonds, or ... is it backed, like the US dollar, by the say-so of the government of that country ? An in-depth explanation from somebody who should know  these things would do lots to put light on this seldomly spoken-about issue. Here in Vienna everybody i've talked with says that their buying power has plummeted since we got the Euro, despite all the crackpot propaganda spewed out by the govt media.

And lest I forget, some homework for the readers:
a) Who actually owns the Central Bank of your country ?
b) Who owns and controls the ECB, the printers of the Euro ?

The value of the Euro is
. 1 - Backed by objective and transparent criteria, like Gold reserves 0%
. 2 - Assigned its value by the Say-So of the banksters behind the ECB 0%

Votes: 0
Results | Other Polls
Your poll question: "Backed by objective and transparent criteria, like Gold reserves"

How is gold an objective and transparent criteria? The value of gold seems quite as "artificial" as money. If we didn't agree that gold had "value", it wouldn't. Can't be eaten, had (has still??) very limited industrial/productive use at the time it was the exchange standard, and every time you make a new find the very standard by which you measure everything else is altered as the total quantity available changes. As for transparent, last I checked it was a golden metallic opaque colour...  

by someone (s0me1smail(a)gmail(d)com) on Tue Jul 4th, 2006 at 11:35:46 AM EST
 The way I've heard it explained, the value of the currency is based ultimately on the public's confidence in it--the confidence of those who use, trade in, it; if that collapsed, the currency also should--eventually.

 I couldn't view the clip you linked to-- requires too much band-width and this café's management  doesn't like users viewing videos.  I have no less reason to be confident in the €uro than I had in being confident of the French franc.

  I don't know who "owns" the European Central Bank; as for the U.S. Federal Reserve Bank, Dick Cheney owns that.  ;^)

"In such an environment it is not surprising that the ills of technology should seem curable only through the application of more technology..." John W Aldridge

by proximity1 on Tue Jul 4th, 2006 at 11:40:04 AM EST
We are going to need to start discussing monetary theory now that we have the GDP all figured out... ;-)

But seriously, fractional-reserve banking, creation of money through debt, the difference between money supply and currency...

You seem to think that printing money is what matters. You also seem to thing that putting the value of money in the hands of the Gold mining companies is an improvement.

I think money should be on an Entropy (actually, Gibbs free energy) standard. Is that tangible enough for you?

Nothing is 'mere'. — Richard P. Feynman

by Migeru (migeru at eurotrib dot com) on Tue Jul 4th, 2006 at 11:47:16 AM EST
Interesting idea, but it ignores the perceived value of - say - art and literature.

If I write two thousand random words I've used more or less as much energy as if I write a paper describing a miraculous new social development that can end war and hunger.

The energy used to produce both is identical. But only one has real value.

You could say 'Yes, but you have to estimate the entropic difference as a whole, including derivative effects.' Which might be true - but could be just a little hard to quantify.  

I think economics could do with admitting that value can only ever be completely subjective. There's nothing bad about accounting for value, even when it is subjective. The problem is really about making sure that people and politicians value the right things, instead of resorting to accounting fictions like 'GDP'.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue Jul 4th, 2006 at 06:36:39 PM EST
[ Parent ]
You are welcome to give me as much Gibbs Free Energy as you wish for my artistic and literary production ;-)

But you're right, putting money on any "standard" presupposes a certain flavour of monetary theory. And I am far from sure I really understand money.

Nothing is 'mere'. — Richard P. Feynman

by Migeru (migeru at eurotrib dot com) on Wed Jul 5th, 2006 at 02:56:21 AM EST
[ Parent ]
> I think money should be on an Entropy standard ...

Yes, that is very tangible to me. By that standard I'm a very rich man. My flat is full of the stuff, just ask my GF if you don't believe me :-)

by name (name@spammez_moi_sivouplait.org) on Thu Jul 6th, 2006 at 05:55:42 AM EST
[ Parent ]
That means you're heavily in debt, name.

Nothing is 'mere'. — Richard P. Feynman
by Migeru (migeru at eurotrib dot com) on Thu Jul 6th, 2006 at 06:07:09 AM EST
[ Parent ]
May I recommend that you read Aglietta, and in particular his seminal book with a pretty explicit title: La Violence de la Monnaie.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Tue Jul 4th, 2006 at 02:34:29 PM EST
The concept of currency and moneary policy have always intrigued me, yet I've never taken the time to study them. Agliette's books ought to be a good place to start.

La violence de la monnaie looks very interesting. Thanks for the recommendation.

Results of a quick bit of research. The book is out of print in France, but is available in Canada, and no doubt in public libraries. -- Brief note on La violence de la monnaie.

Apparently the authors have penned a more recent book, expanding upon this first volume, called La monnaie entre violence et confiance (2002). According to this paper [pdf], the latter work seeks to address economists as opposed to sociologists [targeted by the first book]. Table of contents.

More material [pdf] on La monnaie entre violence et confiance that may be of interest [a potential lead - I haven't read it, myself].

Available at amazon.ca.


For those who do not read French, some of Agliette's books, or books to which he has contributed, can be found in English translation, here.

by cigonia on Thu Jul 6th, 2006 at 10:05:30 AM EST
[ Parent ]
No one forces you yo store your wealth in fiat money these days, just click each night on your online banking account and transfer all of your available fiat money to a gold/silver/diamond/platinium/whatever fund, and if you need money just transfer back what is necessary to spend the next day.

Why all the whining about currencies you are in no way coerced to store your wealth into?

BTW, what is the share of your wealth in gold/silver/diamond/platinium?

by Laurent GUERBY on Tue Jul 4th, 2006 at 06:16:02 PM EST

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