I only caught the end of the 6 Billion Ways workshop “the history of money”. But I have to admit, it wound me up a little, for two reasons. The first is that it talked about fractional reserve banking. As … Continue reading
The story of money is long, so I hear. credit, debt and even blood debt have existed as a way of long-distance trade, but its influence has always been in a way that has culminated in its collapse.
Put it this way: standardised capital is usually a method of control. Money represents that capital control, symbolising not only the value of exchange but the value of political structure that ensures that exchange. Thus, when the value of that money denigrates, the power of that authority is weak and open to fall apart.
Which only makes you question – when the gold standard was removed from monetary policy, were we glimpsing the beginning of the fall? Certainly Samir
Amin would say so.