- Could our society implode on the race issue?
- Business becomes the villain? Is Hollywood Making money from Financial Crises?
- Limited best seller Inside Job: The Looting of the American Savings and Loans
- Now, AT&T, the once proud flagship of American commerce uses outright fraud to boost earnings
- Another New Thought: Helicopter money and fiscal rules
As for V_L's ‘War on Cash’. . .
Blythe Masters, the British beauty, exuding confidence, who played midwifery to the derivatives game, is now onto an expansion of the bitcoins fad. . . as though we need another means of creating havoc in our economies.
She is now CEO of a firm promoting Blockchains - or blockchainery, or blockchicanery - take your choice. Get out your copies of Andrew Dickson White's "Fiat money Inflation" and review the sequence; we're headed toward another version of "We never learn!"
The reason for the hue and cry (which BTW originated as an alert to the community that a crime was in process)? She wants to popularize the bitcoin algorithms and develop another, faster means of electronically reproducing faux currency to help handle the flurry of transactions anticipated shortly, no doubt.
She'd enlarge on the pre-Constitutional Articles that allowed every one of the United States to make its own currency, a mess that caused untold confusion in cross border transactions. Now all the bankers and brokers would be free to abrogate the terms of the Constitution - the section that declares,
To provide for the Punishment of counterfeiting the Securities and current Coin of the United States, . . . "
Having created one disturbance which is not yet settled, she's off on another spree.
Of course, if that quote from Article one, Section eight of the US Constitution is to be interpreted as nickels and dimes, since they specify only coin, and not hundred and thousand dollar bills, that frees the rest of us to make whatever we choose as an object of value to finance our transactions to no upper limit with any kind of paper or fabric we choose, that is, if we'd take the risk of disregarding the punishment for counterfeiting involved; but, then, if our faux currency does not duplicate the government's, is that counterfeiting?
There is so much in the Andrew Dickson White work which applies to this new adventure of a true adventuress, that rather than quote nearly half the book which serves as a warning not to undertake such a destructive project as supplemental currency, we'll simply suggest reading Prof. White's (1896) work to get the full flavor of the 68 paged 200 year old historical warning. We’ll need it not as a Baedeker, but as a cookbook on what follows next on the menu.
Still we'll quote two passages: the first from the introduction; the other from the closing.
Was the good Professor truly convinced that this was a one time occurrence, never to be duplicated again by aother cast or in another location? Well, after a fairly large number of attempts similar to that which ended in 1724, we find ourselves following up on the folly of only two decades ago, (in which Ms. Masters was involved) or, to capitalize on Prof. White'slanguage, the folly of the twentieth century being supplanted by a similar folly in the twenty first century! The high rollers are setting us up for another scalping catastrophe - even before we're out of the last they foisted on us. That is criminal!
Considering speed of electronic transfers - addressed at length in the tsunami thread - once we begin churning out the play dough for bankers/brokers, there will be no holding them back before they collapse everything. Dickson explained this as "a law in social physics" on page 66, which he embellished with the observation that -
Closing with -
"There is a lesson in all this which it behooves every thinking man [and woman] to ponder."
(Ed., my addition in brackets.)
Throughout the text, Professor White cited other literature which included data he used or described circumstances and events in greater detail. None of it suggested it was path to be followed for a carefree life; nor was he the only historian who was aware of the French situation in the eighteenth century.
And!. . . This is not the only work that points out that those who suffer the most are not near the mid-point of the spectrum of social life. Certainly, neither those near the top, nor their lieutenants suffer.
The 403 blockade persists. The problem is limited to the "comments" section. Apparently, posting here is no problem, but am unable to "comment".
Too wordy for them? Are the intruders attempting to limit us to a single statement; or, have they not yet determined how to block initiating posts.
OR. . .!!!
Is this Google's way of telling us our free ride is finished. If there were a note of some kind addressing this quandary, we might profit by moving on. My prolific writer son is a publisher of his own material and I have asked him if he'd publish my works - particularly the conclusion of the Business Cycle. In that respect, it might be hinted that something original is in the air concerning description of business and the cycles that result. It is a large project and ir may be the fitting conclusion of O&G's jousting with windmills, a project, it would seem, for someone younger and more flexible intellectually. But, then, it's been noted often that fools rush in. . .