A man never had enough money, no matter how much he had; he was aways reaching out, doing business with the future so to speak. He put money into the bank, and that gave him the right to take out more than he had… and the banks trusted him, based on his reputation, and the known value of this property.

( Upton Sinclair, “Oil!” )

How Central Currency Works: A Short Summary

Central currency is loaned into existence, at interest. More simply,a person who wants to start a business borrows $100,000 from the bank, with the requirement that he pay back, say, $200,000 over the next ten years. He has a decade to double his money. Where does the additional $100,000 come from? Ultimately, from other people and businesses who are in the same position, spending money that they have borrowed. Even the wages that workers receive to buy things with were borrowed somewhere up the chain.


But this seems to suggest a zero-sum game. Each borrower must win some other borrower’s money in order to pay back the bank. If the bank has loaned out $100,000 to ten different businesses, then at least half of them have to fail. Unless, of course, someone simply borrows more money from the bank, by proposing an additional business or expansion.


Therein lies the beauty and horror of interest-bearing currency. Interest is expansionary. As long as the economy is growing, everything works out. […] Running a business and growing a business end up meaning the same thing. Even if one business pays back everything it owes, this only puts some other business into debt. As the debtor seeks to expand to meet its interest requirements, the debtor either takes territory from an existing business or finds a new territory. Standing still is to lose.

Douglas Rushkoff, Present Shock. Emphasis added.

polymathmo:

GPOY  From Pictures for Sad Children

polymathmo:

GPOY
From Pictures for Sad Children

(via miniprof)

What you don’t necessarily realize when you start selling your time by the hour is that what you’re actually selling is your life.

( Barbara Ehrenreich (via creatingaquietmind)

(via zenhumanism)

)

People under capitalism do not relate to each other directly as human beings. They relate to each other through the myriad products which they encounter in the market.

( David Harvey (via tectusregis)

(Source: astranemus, via zenhumanism)

)

Instructor: “You should get a credit card with a low limit for purchases online, like $4,000.”

A LOW LIMIT.
LIKE $4,000.

4,000 DOLLARS.

IDK what reality she lives in, but it does not intersect mine.

humansofnewyork:

"I want to be a fashion designer, but I work in visual merchandising to pay the bills. I get off late almost every night— a lot of times it’s after 9 PM. So it’s hard to find the energy to be creative. I should be sketching new pieces or sewing every night, but I’m too tired. Then the weekend comes around, and all I want to do is relax and decompress from the week. But those are the only two days I have to work on my dream."

humansofnewyork:

"I want to be a fashion designer, but I work in visual merchandising to pay the bills. I get off late almost every night— a lot of times it’s after 9 PM. So it’s hard to find the energy to be creative. I should be sketching new pieces or sewing every night, but I’m too tired. Then the weekend comes around, and all I want to do is relax and decompress from the week. But those are the only two days I have to work on my dream."

isomorphismes:

Why is gold considered a hedge against fiat currency? If the monetary system collapsed — as in, the USD or the GBP or the JPY were no longer accepted in exchange for goods — are you absolutely sure people would accept Gold as a substitute?

This is not gold coins minted by a current government — it’s gold bars, gold bullion, or gold coins from some historical government (like, Spanish doubloons).

Gold, just exactly like fiat currency, is worth something just because other people think it will be worth something.
So if that’s the case — then why is gold considered a hedge against inflation?


Or, what if we collectively stopped assigning value to arbitrary things like gold or currency altogether? 
Societal collapse, no doubt. Or… societal revolution?

isomorphismes:

Why is gold considered a hedge against fiat currency? If the monetary system collapsed — as in, the USD or the GBP or the JPY were no longer accepted in exchange for goods — are you absolutely sure people would accept Gold as a substitute?

image

This is not gold coins minted by a current government — it’s gold bars, gold bullion, or gold coins from some historical government (like, Spanish doubloons).

Photo detail

Gold, just exactly like fiat currency, is worth something just because other people think it will be worth something.

So if that’s the case — then why is gold considered a hedge against inflation?

image

Or, what if we collectively stopped assigning value to arbitrary things like gold or currency altogether?

Societal collapse, no doubt. Or… societal revolution?

(Source: isomorphismes)

Billie:
Spike, capitalism is like Japanese Knotweed: nothing kills it off. If there were only two people left on the planet, one of them would find a way of making money out of the other one.
Spike:
But economics of purpose is not about making money, it is about realigning resources.
Spike:
Isn't language wonderful?

(Source: lackofbelief)