I don’t remember writing this, but it popped up in my Facebook this morning. It is solid logic. I did try an email campaign a while back. I sent emails to all the professors of economics at all the major universities in the country and a few in the UK and Ireland. I sent out some 250-300 in all. I only got one reply–from Ireland, actually, University of Dublin if memory serves–and he misunderstood me.
This is very much a forest for the trees thing. Economists grow up with certain core unexamined assumptions. They don’t think about how money creation subverts all creative efforts, dilutes the value of work, transfers wealth with no truly useful activity delivered in return, and overall enables the continuation of poverty in nations which should not experience it, at all, anywhere. We should not have ghettos. We should not have homeless. We should not have any trouble paying for top quality medical care. All our problems should have been solved.
I see all this clearly. Why so many professionals are so fucking stupid, is one of those things that in my worse moments makes me hate humanity.
1. Given a non-zero velocity, all new money introduced into an economy dilutes the value of existing money.
2. Given the theoretical possibility of price stability at any given quantity of money, the sum purchasing power of all money in existence does not thereby diminish.
3. This means that those who create money take value–purchasing power–from those who previously had it.
4. Money has no inherent economic value.
Conclusion: the process of creating money is parasitical.
If you know any economists, please send it to them, and solicit feedback. Or tell me their names and I will send it to them.