Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
Migeru:
There are two kinds of austerity: money austerity and resource austerity.

Correct.

There may well be shortages - and hence a need for austerity - of 'money's worth'.

For instance land/location - which is the basis of more than two thirds of money in existence - is limited, and so are non-renewable resources of all kinds. In most countries land distribution is pretty 'austere' already, since a tiny proportion of the population owns most of it.

But in fact there can no more be a shortage of money than there can be a shortage of kilogrammes or metres.

It is only because we choose to use bank IOUs/credit objects/fiat tokens as 'money' - I prefer to call these monetary objects 'currency' - which means that there is a shortage of 'money'.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sun Jun 6th, 2010 at 11:03:44 AM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

Impeachment gets real

by ARGeezer - Jan 17
19 comments

A Final Warning

by Oui - Jan 10
111 comments

Environment Anarchists

by Oui - Jan 13
4 comments

More Spanish repression

by IdiotSavant - Jan 6
8 comments

Occasional Series