Article

2012-09-17 Economy

The Last 14 Days Will Go Down As A Turning Point In The History Of Economics

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Posted by Au Auric 2012-09-17 00:00|| || Front Page|| [4 views ] Top

#1 Derivatives are just a form of counterfeiting. Counterfeiting on a massive scale always ends the same way.

Posted by g(r)omgoru 2012-09-17 03:43|| 2012-09-17 03:43|| Front Page Top

#2 Money is a mirror on the real economy. Money works best when it stably represents the amount of time exchanged in the economy.
The central banks have decided to smash the mirror.

Posted by Bright Pebbles 2012-09-17 08:02|| 2012-09-17 08:02|| Front Page Top

#3 Central banks = Federal government

Posted by JohnQC 2012-09-17 08:56|| 2012-09-17 08:56|| Front Page Top

#4 A turning point was reached in politics, too. Up till now, George W. Bush was to blame for everything. Now, it's Mitt Romney.

Posted by Grunter 2012-09-17 14:36|| 2012-09-17 14:36|| Front Page Top

#5 Oh BP you dreamer. Just imagine that we were all paid in currency that represented an hour of labor. Then everyone would be paid the same. And there would be no incentive to provide better value for that time than the next guy's.

We would wake up and go to work and get paid in script that would buy us a few hours of some other unmotivated dipshit's time.

No, this is not my dream. Imagine, if you can, future where everyone wants to do more and make their hour of work much much more valuable than yours. Only in this world do you have the opportunity to hire someone who hones his/her skills.

Posted by rammer 2012-09-17 20:41|| 2012-09-17 20:41|| Front Page Top

#6 I mean NO such thing. Pay should of course be mediated by the relative scarcity of skills. I'm aware of Marx's "labour theory of value" and it's wrong.

The time exchanged in the economy does however even out, and the monetary unit should represent this in a stable way.

Posted by Bright Pebbles 2012-09-17 21:41|| 2012-09-17 21:41|| Front Page Top

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