Yes. The answer is yes
and economic models that don’t reflect that fact are not even slightly useful.
I think our current monetary system is more than only slightly useful.
Which doesn’t invalidate their two assessments nor suggestion for change.
I’m not sure about the impact a change would have though. Maybe the suggestion is too in concrete, and the hopes too idealistic.
I do think it’s interesting points and tboughts though.
I think our current monetary system is more than only slightly useful.
That has nothing to do with the quote you’re responding to, about economic models that don’t reflect reality. The problem is economic models built without an adequate understanding of the current monetary system.
Many trillions of words have been written about this since the crash. This is a useful short summary which links to some of them.
The first implementation of neoliberal capitalism was in Pinochet’s Chile. It works exactly as its intended, by allowing societal goods to degrade and collapse and ensure higher and higher concentration of wealth in the hands of a few. It’s explicit in these goals, and its growth reflects its efficacy in reaching them. The suffering is intentional.
I think what’s truly needed is the separation of money and state, where our money is written in hard code that cannot be changed, such as Monero.
Our monetary system isn’t the problem. Capitalism is the problem, and cryptocurrency is not the solution to that. It exacerbates it.
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Its manager, George Bailey (in an unforgettable performance by James Stewart), explains that the money is not in the building society’s vault; it has been lent to other people in the town.
In 2008, during the crisis that rocked the foundations of western capitalism, the author and Harvard professor Niall Ferguson published The Ascent of Money.
According to the standard picture of public expenditure and revenue raising, governments can only spend if they first gather money through taxes or asset sales or borrowing.
It also prevails in sections of the academy, where some economists are wedded to the idea of money continually circulating through the economy as a persistent element in a closed system.
Also known as the financephalograph, this heroically clunky contraption used real liquid, hydraulics and pipes to illustrate how Phillips thought a sealed, circular, money-fuelled economy worked.)
Without such a conversation (knowledgeably adjudicated by finance writers and journalists) citizens will forever be bit-part players in capitalism – the irresistible targets of participants with better information.
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