The sophistry is in your mind, not mine. As to
your: "of course the physical form of money
doesn't matter. It never has." doesn't appear in
the history books I've ever read. Gold, silver,
copper and bronze coinages (valuable metals for
other purposes, too) were the physical means by
which huge merchant networks (Chinese, Indian,
Islamic, European) traded within and between themselves in pre-capitalist eras.
K
At 07:56 18/08/2012, Michael G wrote:
That kind of sophistry is beneath you Keith
of
course the physical form of money doesn't
matter
It never has. It is a medium of
exchange/symbolic and if folks recognize it as
such it is (and if not not
whether in bits or dirty pieces of paper
.
As for the money "in" the Cayman's that other
nest of symbolic representations i.e. laws/tax
codes recognize another set of symbolic
representations national boundaries and
sovereignty and allow folks like Mitt (and his
ilk) to use their very high priced lawyers and
accountants to manipulate the various symbol
systems to avoid paying their fair share (of taxes
The issue of "propping up" doesn't really apply
to those banks (their liquidity so far as I know
apart from various frauds and ponzi's has never
been in question
Making the world (even a wee
bit safe(r)) for the rest of us through trying
to stimulate demand/thus employment seems to me
to be a not unreasonable approach to economic
policy if only as a counterweight to the quite
unreasonable sending boxcar loads of digital
bits encoded as various currencies to banksters
and (then indirectly) to their political, academic, and governmental lackeys.
M
From: [email protected]
[mailto:[email protected]] On Behalf Of Keith Hudson
Sent: Saturday, August 18, 2012 6:54 AM
To: RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION; D & N
Subject: Re: [Futurework] Arthur's 5th belief
At 22:53 17/08/2012, Natalia wrote:
snip--->
The New York Times reports there's more money in
the banks of the Cayman Islands than in all the
banks of New York City combined. What's it all
doing there? Avoiding taxes for one. But perhaps
even more seriously, offshore banking starves
the world's economy of cash at a time when it
could really use a few extra bucks.
(KH) There's hardly any money in its true sense
(a consumer commodity) in the Cayman Islands at
all. There are only electronic representations,
of which every last digit has a physical
counterpart sitting on the ground somewhere in
the world or flying in the air or floating on
the sea. Every last square inch of these items
that are visible to the public (and owe their value to the public) is taxable.
Offshore banking itself doesn't starve anybody.
What starves us are onshore banks which are
given special privileges by governments and
which ought, when necessary, to be forced into
bankrupt like every other business. Instead,
they are propped up by the taxpayer by
quantitative easing and other dodgy devices. If
they weren't propped up, then every single
unproductive, overvalued collateral would
quickly find its true market price and productiveness.
Keith
Keith Hudson, Saltford, England
<http://allisstatus.wordpress.com/>http://allisstatus.wordpress.com
Keith Hudson, Saltford, England http://allisstatus.wordpress.com
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