The banks are certainly having their, "Let them eat cake." moment.
Infinite growth economics is reaching the edge of the petri dish.
The advantage of multicellular organisms is being able to sense and navigate their situation.
In that states function as social super organisms, government, executive and regulatory, is the nervous system, while money and banking function as blood and the circulation system.
When the medium enabling markets is a player in those markets and not a utility, everyone else are tenants. "You will own nothing and be happy."
I could say it another way: the wealthy are always able to grow their fortunes faster than the rate at which the overall economy is growing, which creates the conditions for dispossession of the lower and middle classes.
It appears that we've slipped over the event horizon, and past the point of no return. All this is coming to a head right now!!!! The next few years are going to be VERY interesting...
One of the areas I'm making this point are in the AI debates going on the philosophy stacks, as the same feedback loop dynamics are what is driving it all off a cliff of compounded complexity, where noise is drowning out all useful signals.
So what I'm going for is a conceptual grassroots effect, where this relationship between nodes and networks, synchronization and harmonization, organisms and ecosystems, becomes a topic of conversation and goes viral.
Then when it does circle back to the power structures, it will be too broad for them to quash and contextualizes their own levers of power, thus containing them.
That they turned academia into a profit center and then sucked it dry also presents an opportunity to find disgruntled participants in the debate. As well as all the younger Jews sensing morality is more important than ethnicity.
Debt jubilees were, indeed, the circuit breakers that protected us from the excesses of compound interest in ancient times. I believe that robust wealth taxes could serve as a modern-day circuit breaker. But to your point, people would need to wake up in time. I hope folks will take a few minutes to check out your work, John!
I favor the ‘Origen of Money’ story to Sumerian temples issuing tokens for measures of grain brought by farmers as tribute, taxes, or granary storage. Thus, money has always been debt.
But crucially, with the advent of the Bank of England, money transitioned from being based on money owed TO the king, to money owed BY the king. David Graeber put it best in Debt: The First 5,000 Years:
It was only with the creation of the Bank of England in 1694 that one can speak of genuine paper money, since its banknotes were in no sense bonds. They were rooted, like all the others, in the king’s war debts. This can’t be emphasized enough. The fact that money was no longer a debt owed to the king, but a debt owed by the king, made it very different than what it had been before. In many ways, it had become a mirror image of older forms of money.
The banks are certainly having their, "Let them eat cake." moment.
Infinite growth economics is reaching the edge of the petri dish.
The advantage of multicellular organisms is being able to sense and navigate their situation.
In that states function as social super organisms, government, executive and regulatory, is the nervous system, while money and banking function as blood and the circulation system.
When the medium enabling markets is a player in those markets and not a utility, everyone else are tenants. "You will own nothing and be happy."
Pitchforks and torches interrupt the narrative.
Yes, John, your comment is spot on.
I could say it another way: the wealthy are always able to grow their fortunes faster than the rate at which the overall economy is growing, which creates the conditions for dispossession of the lower and middle classes.
It appears that we've slipped over the event horizon, and past the point of no return. All this is coming to a head right now!!!! The next few years are going to be VERY interesting...
Nathan,
Wealth and power leveraging more wealth and power is a feedback loop.
Microphone up to the speaker, shriek going parabolic.
Debt jubilees were a circuit breaker to the feedback loop of compound interest.
What I tend to be focused on are these basic physical dynamics driving human activity on the surface of this little orb;
https://substack.com/@johnmerryman/p-193985079
One of the areas I'm making this point are in the AI debates going on the philosophy stacks, as the same feedback loop dynamics are what is driving it all off a cliff of compounded complexity, where noise is drowning out all useful signals.
So what I'm going for is a conceptual grassroots effect, where this relationship between nodes and networks, synchronization and harmonization, organisms and ecosystems, becomes a topic of conversation and goes viral.
Then when it does circle back to the power structures, it will be too broad for them to quash and contextualizes their own levers of power, thus containing them.
That they turned academia into a profit center and then sucked it dry also presents an opportunity to find disgruntled participants in the debate. As well as all the younger Jews sensing morality is more important than ethnicity.
I'm an accelerationist.
Debt jubilees were, indeed, the circuit breakers that protected us from the excesses of compound interest in ancient times. I believe that robust wealth taxes could serve as a modern-day circuit breaker. But to your point, people would need to wake up in time. I hope folks will take a few minutes to check out your work, John!
Nathan,
Keep in mind human information processing is a survival technique, so we don't learn squat from the good times. It's the problems that make us think.
Without the ups and downs, it's a flatline.
I favor the ‘Origen of Money’ story to Sumerian temples issuing tokens for measures of grain brought by farmers as tribute, taxes, or granary storage. Thus, money has always been debt.
Yes, Tedder, you are always correct!
But crucially, with the advent of the Bank of England, money transitioned from being based on money owed TO the king, to money owed BY the king. David Graeber put it best in Debt: The First 5,000 Years:
It was only with the creation of the Bank of England in 1694 that one can speak of genuine paper money, since its banknotes were in no sense bonds. They were rooted, like all the others, in the king’s war debts. This can’t be emphasized enough. The fact that money was no longer a debt owed to the king, but a debt owed by the king, made it very different than what it had been before. In many ways, it had become a mirror image of older forms of money.