STEVE KEEN ~ CAN WE AVOID ANOTHER FINANCIAL CRISIS? ~ 2017

~ M-CBDDF-M ~ Macroeconomics – Cannot Be Derived Directly From – Microeconomics

~ TDTH-OPCBDEFLOSIACCIGST-‘E’~ The Discovery That Higher-Order Phenomena Cannot Be Directly Extrapolated From Lower-Order Systems Is A Commonplace Conclusion In Genuine Sciences Today – “Emergence”

~ TWPO-W-O-NBO-TPOI-H20-MT-BBO-IBLO(I)-H2O-M ~ The Wonderful Properties Of – Water – Occur – Not Because Of – The Properties Of Individual – H2O – Molecules Themselves – But Because Of – Interactions Between Lots Of (Identical) – H2O – Molecules

~ GFC ~ Global Financial Crisis

~ ACCBPOFAD-ITPSCBETCB ~ A Crisis Can Be Put Off For A Decade – If The Private Sector Can Be Enticed To Continue Borrowing

~ T-PS-R-TLOCWTTUB-A-MAPVO-TIWTBC ~ The – Political System – Rewards – The Lackey Of Credit Who Triggers The Unsustainable Boom – And – Makes A Political Victim Of – The Incumbent When The Boom Collapses

~ TGEHBSWALOPD-T-INOUSTEOTSWW-BAU-ITHOC ~ The Global Economy Has Been Saddled With A Level Of Private Debt – That – Is Not Only Unprecedented Since The End Of The Second World War – But Also Unprecedented – In The History Of Capitalism

~ WYMTOHWTGSM-WISMTIGBIT-TBTAOMIC-ATFPSA-TBTGSBBITLRIIFABT-GSATROMCSTPB-A-WASWAGJTDWTRITLFD ~ Whatever You Might Think Of How Well The Government Spends Money – When It Spends More Than It Gets Back In Taxation – This Boosts The Amount Of Money In Circulation – And That Finances Private Sector Activity – The Belief That Governments Should Be Balanced In The Long Run Is In Fact A Belief That – Governments Should Abdicate The Role Of Money Creation Solely To Private Banks – And – We’ve All Seen What A Great Job They’ve Done With That Responsibility In The Last Few Decades

~ D-Z-T-B ~ Debt-Zombies-To-Be

~ WDOD ~ Walking Dead Of Debt – Private Debt – Its Primary Cause

KARL POLANYI ~ THE GREAT TRANSFORMATION ~ 1944

~ C&M-ABOTAT-TDFMGITOIIHB ~ Capitalism And Marxism – Are Based On The Assumption That – The Desire For Material Gain Is The Overriding Instinct In Human Behaviour

~ ‘ED’-GUHPASHOEHQ-TCF-H-D-A-MR ~ “Economic Determinism” – Greatly Underestimates Human Potential And Strips Humans Of Essential Human Quality – The Capacity For – Honour – Decency – And – Moral Responsibility

~ ‘ED’-TBT-THOH-IGBLWAIOHWAA-ITMASIE ~ “Economic Determinism” – The Belief That – The History Of Humanity – Is Governed By Laws Which Are Independent Of Humanity’s Will And Action – Is The Most Absurd Superstition In Existence

~ Any – Economic System – That Does Not Consider – Social Costs – Is Not Giving A – Full Economic Accounting

~ ME-SNB-TFAFG-BR-TW-BOS ~ Market Efficiency – Should Not Be – The First And Foremost Goal – But Rather – The Well-Being Of Society

~ HAMNOTSTOPAMW-B-BATLI-S-C-A-J-C ~ Humans Are Motivated Not Only To Secure Their Own Physical And Material Well-Being – But Also – To Live In – Strong – Cohesive – And – Just – Communities

~ WA-MB-AWAB-PO ~ We Are – Moral Beings – As Well As Being – Physical Ones

~ OOP-INAAREAFS-BR-ACR-GBSAESR ~ Ownership Of Property – Is Not An Absolute Right Enjoyed Apart From Society – But Rather – A Conditional Right – Granted By Society And Entailing Social Responsibilities

~ ‘TM’-IAACSBOM-ML-DBAFTPCTTEOO-W-GTNIF-MG-TTEO-TEPNIF-S-P-A-S ~ “The Market” – Is An Artificially Constructed System Based On Man-Made Laws – Designed By And For The Propertied Classes To The Exclusion Of Others – Which – Glorifies The Natural Instinct For – Material Gain – To The Exclusion Of – The Equally Powerful Natural Instinct For – Self-Protection – And – Security

JOSEPH STIGLITZ ~ THE PRICE OF INEQUALITY ~ HOW TODAY’S DIVIDED SOCIETY ENDANGERS OUR FUTURE ~ NORTON ~ 2012

~ SGVFCTC-TWSST-TWACUT-IMW-T-EAPS-HF-A-T-BWFU ~ Specific Grievances Varied From Country To Country – There Were Some Shared Themes – There Was A Common Understanding That – In Many Ways – The – Economic And Political System – Had Failed – And – That – Both Were Fundamentally Unfair

~ TGBWOEAPSASTD-WWWTTDD-AWTAC-BTLTBI ~ The Gap Between What Our Economic And Political Systems Are Supposed To Do – What We Were Told They Did Do – And What They Actually Do – Became Too Large To Be Ignored

~ TBHTB-T-WGA-WHBTATEED-ACLATSSTTWNAA-TBHITBTW ~ The Bankers Had Taken Bets – That – Without Government Assistance – Would Have Brought Them And The Entire Economy Down – A Closer Look At The System Showed That This Was Not An Accident – The Bankers Had Incentives To Behave This Way

~ TMOINE ~ The Market Obviously Is Not Efficient

~ U-TIOTMTGJFSMC-ITWFOTM-TGSOI-AAMCOI ~ Unemployment – The Inability Of The Market To Generate Jobs For So Many Citizens – Is The Worst Failure Of The Market – The Greatest Source Of Inefficiency – And A Major Cause Of Inequality

~ WHEHAHP ~ We Have Empty Homes And Homeless People

~ WAPAHPFO-I-AESTISSALE-WLG-A-ADTHBPIP ~ We Are Paying A High Price For Our – Inequality – An Economic System That Is Less Stable And Less Efficient – With Less Growth – And – A Democracy That Has Been Put Into Peril

~ TPOMIE-BTHNIMC ~ The Power Of Markets Is Enormous – But They Have No Inherent Moral Character

~ ATB-MHPACRITSIIPASOLITPTHY-BGHAPAMRITA-AFTF-MATFTA ~ At Their Best – Markets Have Played A Central Role In The Stunning Increases In Productivity And Standards Of Living In The Past Two Hundred Years – But Government Has Also Played A Major Role In These Advances – A Fact That Free-Market Advocates Typically Fail To Acknowledge

~ OTOH-MCACW-PECOTS-A-AWAC ~ On The Other Hand – Markets Can Also Concentrate Wealth – Pass Environmental Costs On To Society – And – Abuse Workers And Consumers

~ TFIPAEAR-ATREO-PHSTM-ASIIWT-ATT-ATEOTR ~ The Failures In Politics And Economics Are Related – And They Reinforce Each Other – Politics Have Shaped The Market – And Shaped It In Ways That – Advantage The Top – At The Expense Of The Rest

~ UMDNWW-AWHS ~ Unfettered Markets Do Not Work Well – As We Have Seen

~ TLOI-A-TAOO-INI-NIIRRSTPOIMF ~ The Level Of Inequality – And – The Absence Of Opportunity – Is Not Inevitable – Nor Is Its Recent Rise Simply The Product Of Inexorable Market Forces

~ IA-ATAM-ATTCTGMMTTTWBE-PBIWLTMG-TIAIC-T-DE-IHALP-AHLBD-HIHNLTMG ~ Inequality’s Apologists – And They Are Many – Argue To The Contrary That Giving More Money To The Top Will Benefit Everyone – Partly Because It Would Led To More Growth – This Is An Idea Called – Trickle-Down Economics – It Has A Long Pedigree – And Has Long Been Discredited – Higher Inequality Has Not Led To More Growth

~ SDIIFTBIP-TETERTTSAA-‘PT’ ~ So Difficult Is It For Those Born Into Poverty To Escape – That Economists Refer To The Situation As A – “Poverty Trap”

~ MOIIDFCCAOI ~ Measures Of Income Inequality Don’t Fully Capture Critical Aspects Of Inequality

~ MOTITETIARO-GP-BWTGDAWIDND-IITROPFAMAOEO ~ Much Of The Inequality That Exists Today Is A Result Of – Government Policy – Both What The Government Does And What It Does Not Do – Inequality Is The Result Of Political Forces As Much As Of Economic Ones

~ TMTMA-TMCTALTB-WGI-CMCEAD ~ The More Transparent Markets Are – The More Competitive They Are Likely To Be – Without Good Information – Capital Markets Can’t Exercise Any Discipline

~ T-WAS-CWI;IC-T-T-‘R’-O-L/NR-WMTD ~ Taxing – Work And Savings – Can Weaken Incentives; In Contrast – Taxing – The – “Rents” – On – Land / Natural Resources – Won’t Make Them Disappear

~ INHTBWITGSY-F-$500M-AM-TW-$1B~ It’s Not Hard To Become Wealthy If The Government Sells You – For – $500 Million – A Mine – That’s Worth – $1 Billion

~ TSWTASMIGTGTGYO ~ The Simplest Way To A Sustainable Monopoly Is Getting The Government To Give You One

~ IOTTWIAFG-IQATBATWTROTG-A-IEW-IYCCYOR ~ It’s One Thing To Win In A Fair Game – It’s Quite Another To Be Able To Write The Rules Of The Game – And – It’s Even Worse – If You Can Choose Your Own Referees

~ ‘RC’-TOTRC-CFARTTSTTASTR-STSW-GWRITP-GC ~ “Regulatory Capture” – Those On The Regulatory Commissions – Come From And Return To The Sector That They Are Supposed To Regulate – Serve The Sector Well – Get Well Rewarded In Their Post-Government Career

~ ITGGYTRT-E-R-F-F-IDTAGTMAF ~ If The Government Grants You The Right To – Extract – Resources – For – Free – It Doesn’t Take A Genius To Make A Fortune

~ OESRP-NMHTM-AIA-M-CE-INSTSMSPTTS ~ Our Economic System Rewards Profits – No Matter How They’re Made – And In A – Money-Centric Economy – It’s Not Surprising To See Moral Scruples Put To The Side

~ TMDOAIS-IC ~ The Major Determinant Of An Individual’s Success – Initial Conditions

~ LIR-LR-A-ADADFS-CTTROTE-FAM ~ Low Interest Rates – Lax Regulations – And – A Distorted And Dysfunctional Financial Sector – Came To The Rescue Of The Economy – For A Moment

~ R-ATROTG-TEC-TPA-TPTTCPT ~ Regulations – Are The Rules Of The Game – To Ensure Competition – To Prevent Abuses – To Protect Those That Cannot Protect Themselves

~ MOTIIOE:TROR-S ~ Much Of The Inequality In Our Economy: The Result Of Rent-Seeking

~ TFSIST-STROTE-NTOWA ~ The Financial Sector Is Supposed To – Serve The Rest Of The Economy – Not The Other Way Around

~ MOT-‘FI’-WDT-CR-AALL-REP ~ Many Of These – “Financial Innovations” – Were Designed To – Circumvent Regulations – And Actually Lowered Long-Run Economic Performance

~ TCBDAWACC ~ There Can Be Destructive As Well As Constructive Competition

~ IF-ATPOF-IP ~ Increasing Fairness – And The Perception Of Fairness – Increases Productivity

~ TSTOEAPSIU-UT-WIEFTFOOS ~ The Sense That Our Economic And Political System Is Unfair – Undermines Trust – Which Is Essential For The Functioning Of Our Society

~ G-ITFITWWAT-C-TSTNP ~ Government – Is The Formal Institution Through Which We Act Together – Collectively – To Solve The Nation’s Problems

~ CATAIIESOS ~ Cooperation And Trust Are Important In Every Sphere Of Society

~ WOU-TROT-IMOEW-O-TIOTSC-TBUT ~ We Often Underestimate – The Role Of Trust – In Making Our Economy Work – Or – The Importance Of The Social Contract – That Binds Us Together

~ SC-ITGTHST ~ Social Capital – Is The Glue That Holds Societies Together

~ OCSH-D-NS-D-A-FAUG ~ One Cannot Simultaneously Have – Democracy – National Self-Determination – And – Full And Unfettered Globalization

~ N-ITHOTP-HSM-GSM-TSF-WWSR-WAAIR ~ Never – In The History Of The Planet – Had So Many – Given So Much – To So Few – Who Were So Rich – Without Asking Anything In Return

~ MH-BBHRAPLTERTBB ~ Moral Hazard – Bank Bailouts Had Repeatedly And Predictably Led To Excessive Risk Taking By Banks

~ RBBHIHCOT ~ Repeated Bank Bailouts Have Imposed High Costs On Taxpayers

~ ATW-TEO-FP-AL ~ Around The World – The Examples Of – Failed Privatizations – Are Legion

~ MOCWIHWTTC ~ Much Of Corporate Welfare Is Hidden Within The Tax Code

~ MCWITISD-ICGOTUOTR-WTBTL ~ Markets Can’t Work If There Isn’t Some Discipline – If Companies Get Only The Upside Of The Risks – With Taxpayer Bearing The Losses

~ WTWIO-DHTBTFCOTA-TWHII-NTIT-A-TTPTAROI ~ When Those Who Injure Others – Don’t Have To Bear The Full Consequences Of Their Actions – They Will Have Inadequate Incentives – Not To Injure Them – And – To Take Precautions To Avoid Risks Of Injury

~ IEPIACBTUD-PCWF ~ If Economic Power In A Country Becomes Too Unevenly Distributed – Political Consequences Will Follow

~ IAD-API-APAIM-ACBIAPI-MHSDOA-OTMSTTINM-ABDAEP ~ In Any Democracy – A Public Institution – And Pretend As It Might – A Central Bank Is A Public Institution – Must Have Some Degree Of Accountability – Oversight To Make Sure That There Is No Malfeasance – A Central Bank’s Decisions Are Essentially Political

~ AWIP ~ Another World Is Possible

~ N-TPOE-TPOEAF ~ Not – The Politics Of Envy – The Politics Of Efficiency And Fairness

LAURENCE BRITT ~ 14 CHARACTERISTICS COMMON TO FASCIST REGIMES ~ 2003

~ H/G-M/I-S/P-P/C-S/I ~ Hitler/Germany – Mussolini/Italy – Salazar/Portugal – Pinochet/Chile – Suharto/Indonesia

~ POEP – PPIATNAWHTTF ~ Promotion Of Extreme Patriotism – Promote Pride In All Things National Along With Hostility To Things Foreign

~ DFHR-PCTAVOHRFTMONS ~ Disdain For Human Rights – Persuade Citizens To Accept Violations Of Human Rights For The Maintenance Of National Security

~ CS-FS(OCT)FTPPOS ~ Create Scapegoats – Find Scapegoats (Or Create Them) For The Perceived Problems Of Society

~ SOTM-RFFSPWITFOTMAI‘D’C ~ Supremacy Of The Military – Remove Funding From Social Programs While Increasing The Financing Of The Military And Its “Defence” Contractors

~ RS-PM-DIAETROWAS-CC ~ Rampant Sexism – Promote Male-Dominated Institutions And Encourage The Regarding Of Women As Second-Class Citizens

~ S/CMM-CTMOOC-OTOOI ~ Supportive/Controlled Mass Media – Control The Media Outright Or Co-Opt The Ownership Of It

~ TOWNS-EANSAWOISABTROL ~ Obsession With National Security – Establish A National Security Apparatus Which Operates In Secret And Beyond The Rule Of Law

~ RARL-PTREASDOTF-ATROOI-‘G’E ~ Religion And Regime Linked – Portray The Ruling Elites As Staunch Defenders Of The Faith – And The Righteous Opponents Of Its – “Godless” Enemies

~ PAPOC-LLC(PMC)TOIRFWLTROOC ~ Promotion And Protection Of Corporations – Leave Large Corporations (Particularly Military Contractors) To Operate In Relative Freedom While Limiting The Rights Of Ordinary Citizens

~ IOOL-COSUOTRAIATMBASOOP ~ Intolerance Of Organized Labour – Crush Or Strip Unions Of Their Rights And Influence As They Might Be A Source Of Opposition Power

~ SOIATA-SDIAAFEVTDFTPL ~ Suppression Of Intellectuals And The Arts – Strongly Discourage Intellectuals And Artists From Expressing Views That Deviate From The Party Line

~ OWCAP-OHSOCJ(ABLOP)WGTP(AATTN) ~ Obsession With Crime And Punishment – Operate Harsh Systems Of Criminal Justice (And Build Lots Of Prisons) While Glorifying The Police (And Adding To Their Numbers)

~ RCAC-PLGCTTTSTR ~ Rampant Cronyism And Corruption – Provide Lucrative Government Contracts To Those That Support The Regime

~ FE-CTEM-FAPSAOC-IADOV-DODLV-A-AALR-HERDBAJABABTTR ~ Fraudulent Elections – Control The Election Machinery – Fabricate And Promote Slander Against Opposition Candidates – Intimidate And Disenfranchise Opposition Voters – Destroy Or Disallow Legal Votes – And – As A Last Resort – Have Election Results Decided By A Judiciary Appointed By And Beholden To The Regime

ALAN WHITEHORN ~ BASED ON WORK BY GREGORY STANTON ~ THE STEPS AND STAGES OF GENOCIDE

~ C-USDSTIVAOWEC ~ Classification ~ Using Simplistic, Dualistic Stereotypes That Ignore Variations And Overlaps Within Each Category

~ S-CSFDTJ ~ Symbolization ~ Classification Slips From Describing To Judging

~ D-TVGIPAFOTMCAPANB-TSFSA-A-EDABLTFH ~ Dehumanization ~ The Victim Group Is Portrayed As Falling Outside The Main Community And Perceived As Not Belonging – Then Scapegoated For Society’s Ills – And – Eventually Described As Being Less Than Fully Human

~ O-MBOMOVG-ASCBAOTVDPFA ~ Organization ~ Mobilization Begins Of Militia Or Vigilante Groups And State Censorship Blocks Accounts Of The Victims’ Desperate Pleas For Assistance

~ PAIE-TASFAMLI-STVGOICR-SOOPPTMRTVGAD ~ Polarization And Increased Inequality ~ The Authoritarian State Formalizes And Magnifies Legal Inequalities – Stripping The Victim Group Of Its Citizenship Rights – Social Organizations Or Political Parties That Might Represent The Vulnerable Group Are Disbanded

~ P-TIVNTBI-OFTWIS-L-SFTP-A-D-DLADUWNOPRLATT ~ Preparation ~ The Intended Victims Need To Be Identified – Often Forced To Wear Identifying Symbols – Located – Separated From The Public – And – Disarmed – Death Lists Are Drawn Up With Names Of Potential Resistance Leaders At The Top

~ E-TKMBDBFNFADCORHFSMGOWTABGWTV-BMO-TKIBFVGMOPSEU-FBTPATA ~ Extermination ~ The Killing May Be Done By Former Neighbours From A Different Clan Or Religion Hoping For Some Material Gain Or Wishing To Avoid Being Grouped With The Victims – But More Often – The Killing Is By Fanatical Vigilante Groups, Militias Or Paramilitary Special Extermination Units – Facilitated By The Police And The Army

~ D-TCDAMIOTEOSPAEASOSAC-TVTABFCTTTOTWBT ~ Denial ~ The Conspirators Deny Any Malevolent Intent Or The Existence Of Secret Plans And Employ A Screen Of Secrecy And Censorship – The Victims Themselves Are Blamed For Causing The Terrible Times Or Triggering What Befell Them

ROBERT PAXTON ~ “MOBILIZING PASSIONS” ~ THE ANATOMY OF FASCISM

~ ASOOCBTROATS ~ A Sense Of Overwhelming Crisis Beyond The Reach Of Any Traditional Solutions

~ TPOTG-TWOHDSTER-WIOU-ATSOTITI ~ The Primacy Of The Group – Toward Which One Has Duties Superior To Every Right – Whether Individual Or Universal – And The Subordination Of The Individual To It

~ TBTOGIAV-ASTJAA-WLOML-AIE-BIAE ~ The Belief That One’s Group Is A Victim – A Sentiment That Justifies Any Action – Without Legal Or Moral Limits – Against Its Enemies – Both Internal And External

~ DOTGDUTCEO-IL-CC-AI ~ Dread Of The Group’s Decline Under The Corrosive Effects Of – Individualistic Liberalism – Class Conflict – Alien Influences

~ TNFCIOAPC-BCIP-O-BEVIN ~ The Need For Closer Integration Of A Purer Community – By Consent If Possible – Or – By Exclusionary Violence If Necessary

~ TNFABNC-AM-CIANCWICOITGHD ~ The Need For Authority By Natural Chiefs – Always Male – Culminating In A National Chieftain Who Alone Is Capable Of Incarnating The Group’s Historical Destiny

~ TSOTLIOAAUR ~ The Superiority Of The Leader’s Instincts Over Abstract And Universal Reason

~ TBOVATEOW-WTADTTGS ~ The Beauty Of Violence And The Efficacy Of Will – When They Are Devoted To The Group’s Success

~ TROTCPTDOWRFAKOHODL-RBDBTSCOTGPWADS ~ The Right Of The Chosen People To Dominate Others Without Restraint From Any Kind Of Human Or Divine Law – Right Being Decided By The Sole Criterion Of The Group’s Prowess Within A Darwinian Struggle

DAVID GRAEBER ~ DEBT – THE FIRST 5,000 YEARS ~ 2011 + 2012

~ IOTORCHTFSOFMEPDIWOZ-TTCHNAT-ANW ~ In Order To Obtain Refinancing Countries Have To Follow Some Orthodox Free-Market Economic Policy Designed In Washington Or Zurich – That Their Citizens Had Never Agreed To – And Never Would

~ IWABDTITCADC-ATAIT-WGE-THNCOTCPA ~ It Was A Bit Dishonest To Insist That Countries Adopt Democratic Constitutions – And Then Also Insists That – Whoever Gets Elected – They Have No Control Over Their Country Policies Anyway

~ FTOY-TSBRAPHLTTFOCBCAD-OAB-IP-DP-A-R-R-TSOS-TSOV-TSODCIS ~ For Thousands Of Years – The Struggle Between Rich And Poor Has Largely Taken The Form Of Conflicts Between Creditors And Debtors – Of Arguments About – Interest Payment – Debt Peonage – Amnesty – Repossession – Restitution – The Sequestering Of Sheep – The Seizing Of Vineyards – The Selling Of Debtors’ Children Into Slavery

~ FTLFTY-WRR-PIHB-WTRDOTDR-CTDARTL ~ For The Last Five Thousand Years – With Remarkable Regularity – Popular Insurrections Have Begun – With The Ritual Destruction Of The Debt Records – Cancel The Debts And Redistribute The Land

~ AAWROWTWHPACRISOBVORAW ~ Arguments About Who Really Owes What To Whom Have Played A Central Role In Shaping Our Basic Vocabulary Of Right And Wrong

~ TNNAVM-A-TWTOFOM ~ There’s Nothing New About Virtual Money – Actually – This Was The Original Form Of Money

~ ITCSV-TSATM-TAAEADOP-HRR-H-TWBTAHABI ~ In That Common Sense View – The State And The Market – Tower Above All Else As Diametrically Opposed Principles – Historical Reality Reveals – However – They Were Born Together And Have Always Been Intertwined

~ NOIIMTMDP-MADAOTSAETST ~ Not Only Is It Money That Makes Debt Possible – Money And Debt Appear On The Scene At Exactly The Same Time

~ SOTVFWDTHCDTUAMTRCAD ~ Some Of The Very First Written Documents That Have Come Down To Us Are Mesopotamian Tablets Recording Credits And Debits

~ TSOMFEABWAFWOB-TPIWTLTFITAS-WWNCVMCF ~ The Story Of Money For Economists Always Begins With A Fantasy World Of Barter – The Problem Is Where To Locate This Fantasy In Time And Space – What We Now Call Virtual Money Came First

~ B-ATBLAKOABOTUOCOPM-IHMBWPWAUTCTDWFOROATHNATC ~ Barter – Appears To Be Largely A Kind Of Accidental Byproduct Of The Use Of Coinage Or Paper Money – It Has Mainly Been What People Who Are Used To Cash Transactions Do When For One Reason Or Another They Have No Access To Currency

~ A-TFRWF-’F’-IAKHL-LM-’RTM’ ~ Amargi – The First Recorded Word For – “Freedom” – In Any Known Human Language – Literally Means – “Return To Mother”

~ SCM-MRS-NCCWTO-AL-IALTFWWRT ~ States Created Markets – Markets Require States – Neither Could Continue Without The Other – At Least – In Anything Like The Forms We Would Recognize Today

~ C-MWNITOTIOBBN-SNWHNRTEIBITFP ~ Clearly – Money Was Not Invented To Overcome The Inconveniences Of Barter Between Neighbors – Since Neighbors Would Have No Reason To Engage In Barter In The First Place

~ TSASA-CTTS-AT-DTEFITK-OTPOOTCB-NEF-IOTGTHOTC-MFSWT-PSWTTW-MABIEAASE ~ To Support A Standing Army – Coins To The Soldiers – And Then – Demands That Every Family In The Kingdom – Obliged To Pay One Of Those Coins Back – Now Every Family – In Order To Get Their Hands On The Coins – Must Find Some Way To – Provide Soldiers With Things They Want – Markets Are Brought Into Existence As A Side Effect

~ DTDLA-TTEOSAMASO-THRITETOITC-SSTATBWM ~ Despite The Dogged Liberal Assumption – That The Existence Of States And Markets Are Somehow Opposed – The Historical Record Implies That Exactly The Opposite Is The Case – Stateless Societies Tend Also To Be Without Markets

~ WIEO-OTLFTY-MHBE-ACOTS ~ Whatever Its Earliest Origins – Of The Last Four Thousand Years – Money Has Been Effectively – A Creature Of The State

~ MIC-ICBBIBBPCA-TSMETAADTLT ~ Money Is Credit – It Can Be Brought Into Being By Private Contractual Agreements – The State Merely Enforces The Agreement And Dictates The Legal Terms

~ AOTISTGBTSSOO-’SC’-TESAO-TNORKEWOBW-OWWSBBBTDODAOTOM-WWDFPBBTDOODAOAE ~ All Of This Is Said To Go Back To Some Sort Of Original – “Social Contract” – That Everyone Somehow Agreed On – Though No One Really Knows Exactly When Or By Whom – Or Why We Should Be Bound By The Decisions Of Distant Ancestors On This One Matter – When We Don’t Feel Particularly Bound By The Decisions Of Our Distant Ancestors On Anything Else

~ TBBSAM-BGAM-INITTHC ~ The Battle Between State And Market – Between Governments And Merchants – Is Not Inherent To The Human Condition

~ ‘F’-CTRAATRFTEOD ~“Freedom” – Came To Refer Above All To Release From The Effects Of Debt

~ AHRABOSVOR-IS-TDRIATROAM-BDIWHWSBHNYBR ~ All Human Relations Are Based On Some Variation On Reciprocity – If So – Then Debt Really Is At The Root Of All Morality – Because Debt Is What Happens When Some Balance Has Not Yet Been Restored

~ WEA-C-WOCF ~ We Are All – Communists – With Our Closest Friends

~ NRMOWWWTLIAPWNDLAOA ~ No Reasonable Man Or Woman Would Want To Live In A Place Where Neighbors Don’t Look After One Another

~ GASCADFCABOSF:TCBS ~ Gold And Silver Coins Are Distinguished From Credit Arrangements By One Spectacular Feature: They Can Be Stolen

~ MCSC ~ Military-Coinage-Slavery Complex

~ MATHFE-ITNEAL-AASEOGAS ~ Markets Appear To Have First Emerge – In The Near East At Least – As A Side Effect Of Government Administrative Systems

~ WUTATCAMATST-B-IMWTCREWBCAO-WMAWOEGTTMOM-CIFAFTAOUMTGMM-TEWTDTIBESKOFODFRM ~ We’re Use To Assuming That Capitalism And Markets Are The Same Thing – But – In Many Ways They Could Equally Well Be Conceived As Opposites – While Markets Are Ways Of Exchanging Goods Through The Medium Of Money – Capitalism Is First And Foremost The Art Of Using Money To Get More Money – The Easiest Way To Do This Is By Establishing Some Kind Of Formal Or De Facto Monopoly

~ B-1520A1650-UTOGASFMAPWTATAAPISTS-VLOTGASLVLIE-MOTGEUITII-ATOMOTSBWUSOTC-EHNPMOATAWTB-SIWFTPISFSSSAOI ~ Between – 1520 and 1640 – Untold Tons Of Gold And Silver From Mexico And Peru Were Transported Across The Atlantic And Pacific In Spanish Treasure Ships – Very Little Of That Gold And Silver Lingered Very Long In Europe – Most Of The Gold Ended Up In Temples In India – And The Overwhelming Majority Of The Silver Bullion Was Ultimately Shipped Off To China – Europe Had Never Produced Much Of Anything That Asians Wanted To Buy – So It Was Forced To Pay In Specie For Silks, Spices, Steel, And Other Imports

~ TEYOEEWLATGAET-EL-O-TNSOGASWWTPFT ~ The Early Years Of European Expansion Were Largely Attempts To Gain Access Either To – Eastern Luxuries – Or – To New Sources Of Gold And Silver With Which To Pay For Them

~ THTBPIM-EB-IC-CTBTMAIHITMA-BMOVFOVCM-T-PN-O-STKTOWOWTW ~ Taxes Had To Be Paid In Metal – Everyday Business – In Contrast – Continued To Be Transacted Much As It Had In The Middle Ages – By Means Of Various Forms Of Virtual Credit Money – Tallies – Promissory Notes – Or – Simply The Keeping Track Of Who Owed What To Whom

~ CC-WELBS-O-WPRTAT-TLBPAOS-AA-GASWUBTGTPAAPS ~ Cold Cash – Was Employed Largely Between Strangers – Or – When Paying Rents, Tithes, And Taxes – To Landlords, Bailiffs, Priest, And Other Superiors – Above All – Gold And Silver Were Used By The Government To Purchase Arms And Pay Soldiers

~ TGCTMWENTP ~ The Great Conversation That Many Were Expecting Never Took Place

~ WCTWEBWCNLIAATWBEW ~ We Cling To What Exists Because We Can No Longer Imagine An Alternative That Wouldn’t Be Even Worse

~ ASTRTWTNCOBHIPBW ~ Any System That Reduces The World To Numbers Can Only Be Held In Place By Weapons

~ ITLSOT-JANOHTRTTUOTV-NOHTRTTUWWTO ~ In The Largest Scheme Of Things – Just As No One Has The Right To Tell Us Our True Value – No One Has The Right To Tell Us What We Truly Owe