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View Diary: Status Quo Question Stats In Piketty’s "Capital In 21st Century," Author and Krugman Respond (77 comments)

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  •  Let me just suggest that wealth designated (6+ / 0-)

    in currency is irrelevant because the currency is itself worthless. So what if someone has a truckload of certified IOUs? If he doesn't collect the promised labor and pass them around, the paper or the electrons are worth even less than the promises embodied in the Constitution.

    I'm fond of referring to dollars or other kinds of money as figments of the imagination. However, "promises" works just as well. In any case, the issue is a commitment by someone to provide a service at some point in the future. Currency is tangible evidence of the intent to collect. However, absent the capacity to deliver the promised labor or artifact, the intent falls by the wayside, as any number of would-be employers can attest. A large percentage of the enumerated un-employed are, in fact, un-employable, not just because they lack technical training, but because they do not know HOW to do anything. They can't even keep house.

    by hannah on Sat May 24, 2014 at 08:22:38 AM PDT

    •  If you have any worthless US currency lying (12+ / 0-)

      around, I'll be glad to take it off your hands.

    •  Oh good golly. (4+ / 0-)
      Recommended by:
      BradyB, rmx2630, caul, lehman scott

      My niece with her suma cum lauda degree in chem engineering can't find a job in her field in her state.

      you really think there's jobs readily available for 7 billion?

      and since the private sector in the u.s. his in 270% debt to GDP, why would they take on more debt?

      the gov needs to step in

      •  There are not 7 billion people on the planet. (1+ / 0-)
        Recommended by:
        lehman scott

        There are some 315 MILLION people in the U.S., the majority of whom are either too young or too old or too infirm to be employed for pay. Indeed, while there has been a consistent effort, especially since we severed the strings to gold and the quantity of currency available became practically unlimited, an effort to subject more and more of our interpersonal relationships to being mediated by money, making those relationships easier to count (accountable), the volume of uncounted transactions among strangers (the underground or shadow economy) has been steadily increasing mostly, one suspects, because people don't want to render accounts of themselves and their business.
        Money is handy, but accounting for its use is a nuisance. So, despite the prognostications that cash would be phased out, its use keeps increasing.

        by hannah on Sun May 25, 2014 at 04:16:09 AM PDT

        [ Parent ]

    •  If you want full employment in a fiat (6+ / 0-)

      currency economy, then this has to happen:

      Because right now we use unemployment as a buffer stock, ie, price anchor.

      We intentionally create 6% most of the time.

      We'd have to anchor our currency to a reserve army of the employed:  Sovereign money and buffer stocks:

      •  thank you (4+ / 0-)
        Recommended by:
        katiec, caul, lehman scott, Shawn87

        I too am trying to educate people on the potential that fiat money has to solve our problems. Its an uphill battle.

        Do facts matter anymore?

        by Sinan on Sat May 24, 2014 at 05:46:13 PM PDT

        [ Parent ]

      •  The unemployed serve as an example of what (2+ / 0-)
        Recommended by:
        lehman scott, Shawn87

        happens to people who don't subordinate themselves to the culture of obedience. They are the overt evidence of the dictum that there shall be "no free lunch."

        It's all fine and good to intone that, instead of feeding a man he should be taught to fish, except for the fact that the fish in the oceans have been depleted, the fish in the rivers are so contaminated with toxins that they are unfit to eat and access to pristine water bodies is restricted by private property rights.

        The issue is how human beings are to be controlled by the control freaks among us.

        by hannah on Sun May 25, 2014 at 04:25:23 AM PDT

        [ Parent ]

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