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View Diary: Robert Reich: Mitt Romney IS the Economic Crisis (84 comments)

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  •  The money, a figment of the imagination, (33+ / 0-)

    makes it virtual.  The only reason this virtual conquest is detrimental is because we let it have real meaning.

    The Greeks had the right idea.  They decided that the people who had been playing with the currency would have to take what is called a "hair cut."  The bond-holder's claims were all written down.  In a way, it's similar to what the unjust steward in the bible did when he "wrote down" what was owed by his master's debtors so the latter would return the "favor" after he was dismissed.  The steward's actions were a final deception since, presumably, the debtors had gotten some real goods for which they were expected to pay.

    In the modern world of finance, there are no real goods.  But, like the master in the Bible, the producers of real goods and services are having to "pay" for the virtual gamblers playing with the currency we need to efficiently exchange real things.  It's as if we handed over our reading and writing facilities and returned to relying on what we can say and hear directly, without amplification and without any record.

    Letting the virtual financiers capture our currency threatens to return our economies to pre-literate times. Never mind that 30% of our adult population in the U.S. is functionally illiterate.

    There's a deep irony in the fact that paper money, which is worthless, is being hoarded and sequestered by the virtual financiers like never before.  And we keep pretending that their store has value; that the straw is gold; that the emperor is clothed.  Why?

    Willard's forte = "catch 'n' cage"

    People to Wall Street, "let our money go."

    by hannah on Wed Jul 04, 2012 at 07:18:02 AM PDT

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    •  Fear (5+ / 0-)
      Recommended by:
      Chi, AnnCetera, DaleA, elwior, TheLawnRanger
      And we keep pretending that their store has value; that the straw is gold; that the emperor is clothed.  Why?
      It is a vexing riddle, isn't it!  I think it boils down to fear.  We look around and see food and stuff and don't really want to rock the boat.

      But it is weird if you think about it at the level you're thinking about it.

      I contradict myself? Very well then, I contradict myself. I am large. I contain multitudes. - Walt Whitman

      by CharlieHipHop on Wed Jul 04, 2012 at 09:58:48 AM PDT

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