Interesting and Humour - page 3126
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globally, I agree that uncontrolled emission (including credit) corrodes the economy by devaluing the monetary unit
not really a crime but very damaging.
I suspect that is what happened in december 2014
Oh if only the issuance. There's another tricky thing there, exactly money, without money. I think there is a lot of money in banks, but there is no money in the bank, nor in the country. That is why they say, we will close your swift and you will not go anywhere. We will also close your banks and freeze your accounts selectively, of course.
All banks have been doing this since at least the 17th century (and probably much earlier) - see footnote below...
so real money is long gone and you just have to accept it,
real money was in ancient times (metal coins) in Babylon, in Greek polities, in Rome... in the Middle Ages...
argentarians, mercenaries, loan sharks trapezites worked with real money (with 1:1 leverage in forex terms)
and forex was the exchange of one coin for another (with a commission, of course)
Today, the needs of business are so great that no "real" money could ever be enough,
there is not enough gold or other metals in the world to meet the needs of the counterparties,
Think about it: abolish nominal money and return to metals would take the economy back to the 15th-16th century and businesses would have to ship tons of metal to make simple money transfers,
of course people won't do that and will start writing promissory notes (bills of exchange, checks)... that will be a credit issue (bills of exchange as a substitute for money)... and everything comes full circle ....
so either go back to the caves - or put up with virtual money.
An Englishman, William Peterson, proceeding from the fact, which was carefully concealed from public, that the Bank of Amsterdam only held about a quarter of all deposits in its custody, came to the conclusion that full coverage with ringing coin of all obligations issued by the bank was not necessary at all. He devised a project forthe Bank of England whose principal was to be held in government-issued interest-bearing papers as security for its lending operations. In 1694 the English government, in straitened financial circumstances, adopted the project. The Bank of England was created in the form of ajoint-stock company.(Banks//Brockhaus & Efron Encyclopaedic Dictionary: in 86 vols. (82 vols. and 4 extras)., 1890-1907.)
About Swift: disconnecting from it does not mean that all is lost, you will be able to continue working with traditional bank documents (paper documents),
i.e. foreign transfers can be made as they were done before Swift - vouchers, memorial warrants... but the delays would be correspondingly very long, not 2-3 days as now...
about the state money: theoretically there is an infinite amount of it if the state has the ability to issue any loan for its needs
that is, roughly speaking, when the president or the government needs money they call the Central Bank and say: give us a loan.
theoretically, the principle of separation of powers should firmly prevent this (probably neglected in 2014).
If it is abused, there will soon be a devaluation of the national currency.
so either go back to the caves - or put up with virtual money.
Or come up with new money for which banks do not play the same role as fiat.
All banks have been doing this since at least the 17th century (and probably much earlier) - see footnote below...
so real money is long gone and you just have to accept it,
real money was in ancient times (metal coins) in Babylon, in Greek polities, in Rome... in the Middle Ages...
argentarians, mercenaries, loan sharks trapezites worked with real money (with 1:1 leverage in forex terms)
and forex was the exchange of one coin for another (with a commission, of course)
Today, the needs of business are so great that no "real" money could ever be enough,
there is not enough gold or other metals in the world to meet the needs of the counterparties,
Think about it: abolish nominal money and return to metals would take the economy back to the 15th-16th century and businesses would have to ship tons of metal to make simple money transfers,
of course people won't do that and they will start writing promissory notes (bills of exchange, checks)... that will be a credit issue (a bill as a substitute for money)... and everything comes full circle ....
so either go back to the caves - or put up with virtual money.
An Englishman, William Peterson, proceeding from the fact, which was carefully concealed from public, that the Bank of Amsterdam only held about a quarter of all deposits in its custody, came to the conclusion that full coverage with ringing money of all obligations issued by the bank was not necessary at all. He devised a project forthe Bank of England whose principal was to be held in government-issued interest-bearing papers as security for its lending operations. In 1694 the English government, in straitened financial circumstances, adopted the project. The Bank of England was created in the form of ajoint-stock company.(Banks//Brockhaus & Efron Encyclopaedic Dictionary: in 86 vols. (82 vols. and 4 extras)., 1890-1907.)
About Swift: disconnecting from it does not mean that all is lost, you will be able to continue working with traditional banking documents (paper documents),
i.e. foreign transfers can be made as they were done before Swift - vouchers, memorial warrants... but the delays would be correspondingly very long, not 2-3 days as now...
about the state money: theoretically there is an infinite amount of it if the state has the ability to issue any loan for its needs
that is, roughly speaking, when the president or the government needs money they call the Central Bank and say: give us a loan.
theoretically, the principle of separation of powers should strictly prevent this (in 2014, this was probably neglected).
If this is abused, there will be a devaluation of the national currency very soon.
Or come up with new money for which banks do not play the same role as fiat.
I understand that you like cashless and I am not calling for it to be abandoned. I am only saying that there should be effective mechanisms against this kind of bubbles. Money is first and foremost a commodity, you wouldn't order dinner in a restaurant for pictures or buy a picture of a smartphone, for the price of a smartphone, for fear of sinking into the Middle Ages. This is exactly what is called a commodity, without a commodity, or money, without money.
In the USSR and Russia there has always been natural money - vodka. A bubble to the tractor driver - he cleans the road to the garage of snow, the same bubble to him - he ploughs your garden, etc. ))))