Money Money Money

[Levi Philos]

I am now in possession of the audio files of the American Monetary Institute 2006 conference.

Four CDs with about four or more lectures per CD in mp3 format.

Very well worth the bux.

I've got a whole new respect for Michael Hudson.

http://www.monetary.org

Every one there has a good understanding of the structural flaws in this system. Cures offered vary.

Levi Philos

[Levi Philos]

Investigate the Dror Goldberg 2007 paper titled "THE MYTHS OF FIAT MONEY"
This paper may be found in several locations among which are: http://muse.jhu.edu/journals/journal....5goldberg.pdf
http://econweb.tamu.edu/papers/2007-04.pdf

It is my position that two inter-related concepts keep people trapped on the same merry-go-round.
The first concept is that money is a *thing* and the second concept is that money is a natural monopoly.

This two faceted inter-relationship ignores evidence through history that does support my thesis that money is a communication.

In the Goldberg paper we find some discussion of the stone donut money of Yapp. However, Goldberg never mentions Kocherlakota who would point out the mnemonic usage of the stone donuts. In fact, the actual money of the people of Yapp is an aural recitation of favors given and favors received while the stone donut (which often times never is moved in location) serves only as a reference. (Mnemonic function)

When the thesis is accepted that money is a communication, then the absurdity of laws against "uttering money" becomes obvious. If people have a natural right of freedom of speech and freedom of contract, then "uttering money" is but a simple extension of those two natural rights.

I do not deny that silver may be used in coinage form as transmitters of value nor gold in the same fashion; my claim is simply "Why stop there?" My claim is that paper claims of title may be transmitted as bearer titles (warehouse receipts) on any product or commodity already in existence. My claim is that any contract to create and deliver value as described in the contract can become money by assignment to the bearer. My claim is that the Ithaca Hour is equally as valid as a money as the federal reserve note.

Hayek nailed it. If you want stability in money formats, you must allow competition.

Levi Philos

[lost and found]

money is simply time. conversly when your out of time no amount of money will help.

[Levi Philos]

Originally Posted by lost and found

money is simply time. conversely when you're out of time no amount of money will help.

Marshall McLuhan in Understanding Media - The Extension of Man (1963-64) on page 136:

"Like works and language, money is a storehouse of communally achieved work, skill, and experience.... Even today money is a language for translating the work of the farmer into the work of the barber, doctor, engineer, or plumber. As a vast social metaphor, bridge, or translator, money - like writing - speeds up exchange and tightens the bonds of interdependence in any community. It gives great spatial extension and control to political organization, just as writing does or the calendar. It is action at a distance, both in space and in time. In a highly literate....society, ‘time is money’ and money is the store of other people’s time and effort."

[Levi Philos]

Originally Posted by lost and found

Money is simply time. Conversely when you're out of time no amount of money will help.

Start Your Own Money System thread at Strike-the-Root: http://tinyurl.com/5zror
« Reply #73 on: Aug 9th, 2004, 11:18am »

Subject: Time as Money and The Time Value of Time

Who am I to argue with multimillionaire real estate investor A.D. Kessler when he says in his book A FORTUNE AT YOUR FEET (millennium edition) chapter 5 TIME AND MONEY on page 62: The concept of value has meaning only when it's linked to the concept of time. If you were to ask an aging, sickly billionaire what his most valuable possession is, he would most likely answer, "The time I have left." In the face of limited time, no amount of money, no possessions have any significant value, if indeed they have any value at all. In 1813, John Randolph said: "Time is at once the most valuable and the most perishable of all our possessions." Time - dear, sweet, precious time - is the only resource of any intrinsic value at all. This book would be of no value to you without the time it takes to read it. The information in it would be of no value to you without the time you need to put it to work. Nothing has any value without time. If you want to learn how to build wealth, you have to learn how to increase and concentrate value. The critical aspect of doing that is knowing the use and value of time. And, in particular, you must be responsible for effective use of your time.

YOUR TIME IS VALUABLE

One of the most often used but incorrect statements is "time is money." Time costs money. Time is worth money. But time is not at all like money. You can't earn it, save it, or earn interest on it. You can't store it to use for a rainy day, lend it, or borrow it. You can't multiply it, invest it in order to make a profit, leverage it, or manipulate it. No matter how rich or industrious you are, no matter how poor and lazy, you only have 60 seconds to a minute, 60 minutes to an hour, and 24 hours to a day. I don't care how hard you work, you 'll never get more than that. Money can be increased, time can't. If you have a few dollars you don't need right now, you can save them and use them another day. Not so with time. If you have a few extra hours, you must spend them when you have them. There are ways to multiply, leverage and manage your money to accumulate more than the next person. But no amount of manipulation will get you more seconds in this minute than anyone else has. There is always talk, especially among busy people, of "time management."

END OF AD KESSLER QUOTE

[Levi Philos]

Originally Posted by lost and found

Money is simply time. Conversely when you're out of time no amount of money will help.

Jim Croce's version of "Time in a Bottle" went:
If I could save time in a bottle
The first thing that I'd like to do
Is to save every day like a treasure
And then again I would spend them with you

Second verse omitted.

XXXX used the line "The time value of money must be considered."

These arguments about the time value of money used by all economists are rooted in concepts deriving from money as cattle or money as seeds as root metaphors.

However, bank credit money, where new money is created out of thin air in a process of double entry bookkeeping is neither cattle nor seed. Credit money should carry only an administrative charge upon original creation and a monthly administration fee. IT COSTS NO MORE TO CREATE DOUBLE ENTRY BOOKKEEPING MONEY FOR $200,000 THAN FOR $20!

The economists are using mix and match money arguments. Learn to detect the difference. Credit money is not cattle nor seed nor gold.

We have all heard the expression "time is money" but how then would time be properly represented in a symbolic fashion? Time is already symbolically represented by the clock on the wall or by a time punch card at factories. The Ithaca Hour can be thought of as a symbolic representation of time as money.

How valuable is your time? What span of years has God given you? Can George Soros with all the credit money of the world actually effect a transfer of your time such that next week you will only get 167 hours and he gets 169 hours? How much gold would it take to buy an extra year into your life?

But your time is constantly slipping away. Lost time is lost opportunity. Who among you can go back to last week and retrieve an hour whiled away? Would the "carry tax" apply to a symbolic representation of time? Should this be applied to running the system and to charity?

Time cannot be rounded up and held out of circulation. YOU ARE THE WAREHOUSE REPOSITORY FOR YOUR TIME. YOUR TIME IS MORE VALUABLE THAN GOLD. Where is your cookie jar where you keep your unused time? Can you reach back into yesterday to retrieve the time you wasted?

The only proper way to symbolically represent time is as something that constantly slips away. Demurraged time could be used to support the symbol creation process. In order of allocation, the demurrage fee should go 1st 10% to charity thus meeting Islamic Zakat and Christian tithing, next to meet costs of administration, and anything left after administration cost is met should also go to charity.

PPP in economic jargon stands for purchase power parity. If you do a search for this topics and another search for quantity theory of money, and then factor in velocity, the following deductions may be provable.

My assumptions include

1. PPP is a worthy goal,
2. All the gold gurus ever really wanted was a stable price structure,
3. Stable price structure derives directly from the quantity of money available, and
4. Velocity is the least controllable factor but is also important to the overall calculation.

Trying the impute these factors into a simplistic example, I come up with this supposition: Suppose the circulating media were time symbols such as the Ithaca Hour, then the only quantity factor calculation necessary is exactly how many notes per capita shall be issued and maintained in constant circulation. This number might be maintained against all humans, or only those of a "productive adult age" whatever that exactly means.

Then, in a stable quantity environment, factor 3, stable price structure should happen but factor 4, velocity is still uncontrolled. One of my suggestions has been to provide for the cost of running such a symbolic time system is to introduce demurrage to the time symbol by the use of point of purchase cash box technology where the demurrage is collected by all redeeming merchants much like a sales tax is administered.

Factor 4, velocity might be controlled by altering the demurrage rate.

[Levi Philos]

http://www.timebucks.org/manifesto.asp

My Soapbox

You'd think that the output of all our work and technology should've improved the quality of our lives more than it has. Why do we pursue ever-increasing amounts of wealth even after our basic needs have been met rather than simply enjoying the money that we have? How is it possible that each laborer is more productive in the history of the world, yet two parents can work full time and still not have enough money to pay for their children’s day care and rent? Why are we becoming ever more isolated from our communities? Why do we have less free time instead ofmore? Shouldn’t the opposite be happening as we continue to become more efficient and produce more? Something is wrong.

The answer lies in the nature of money itself. Not the physical money that we touch, but the monetary system. Our money system, including the way money is issued and removed from our economy, is a stronger force than even religon in the way that it influences our behavior. Think about it. How many people do you know act more in align with their moral convictions than with the culture that surrounding the way we earn and spend money? Money must be a powerful influence to compete with notions of eternal life or ecstatic bliss. Money drives us to act the way we do towards each other and how we interact with the world around us. It even defines the nature of our interactions with each other and shapes our attitudes. It defines who we are and provides us with a measure of success relative to our neighbors.

Problems with Money

Sadly, our monetary system is poorly designed to bring about the type of world that most of us want. It has evolved to meet the needs of another time and just isn't designed to create the highest quality of life for those who use it. We haven’t figured out what we want from our monetary system. We haven’t analyzed the nature of our transactions and the consequences that they bring. We’ve accepted repercussions of our own invention as if it were a fundamental law of nature. We haven’t stopped to think if there could be a better way. We’ve enslaved ourselves with our own system.

One of the major problems with our monetary system is that it creates an artificially scarce money supply. Money is created when we get a loan from a bank. By the very nature of money, there isn’t enough money in circulation to cover the debt that created it. IF you wonder why we don't have enough--it's because we made it that way!

More at the site: http://www.timebucks.org/manifesto.asp

[Levi Philos]

There's a meeting in Seattle next week - April 14 through 16 on alternative currency topics. Order page: http://www.brownpapertickets.com/event/27989

Date From April 14, 2008 3:00 PM
Until April 16, 2008 5:00 PM

Location
Town Hall
1119 Eighth Avenue
Seattle, WA 98101
[map it!]

Websites http://unmoney.planetwork.net
http://unmoney.wik.is/
http://groups.google.com/group/unmon...e/topics?hl=en

Contact Kaliya

510 472-9069
kaliya@mac.com

Open Money founders Michael Linton and partners will be there; presentations will be made by video conference from Germany and other parts. Possibility of Shann Turnbull of Australia.

Mr Chris Cook of Scotland is flying in; others?

On April 14th a group of social-entrepreneurs, academics, economists, bankers, philanthropists, business men and woman, system changers, lenders, borrowers and barter-ers will gather in Seattle for the 2008 unMoney Convergence to engage in an evolutionary conversation on money. Other topics covered will include micro-credit, slow money, local currencies, complementary currencies, time dollars, retail trade exchanges, LETS, state of the art transaction software and hardware technologies, money and spirituality, ecological accounting, social venture and entrepreneurship, monetary theory, value network mapping, equity sharing, energy backed currency, organizational structures, gift economies, and barter. Most of the conference will be participant driven, the agenda will be created live over the course of the event by those attending. We will be predominantly using Open Space Technology to organize ourselves. Everyone attending is welcome to present or lead a discussion about the topics they are interested in. Feel free to add a workshop and/or discussion you would like to attend, facilitate or lead on the Proposed Topics page.

Levi Philos

[BOBT12]

Originally Posted by mrg

People should read this.

Sherman was correct.

He still is.

I couldn't agree more.

[Levi Philos]

Merrill Jenkins on the definition of "Dollar" and the fraud:
(this is a smallish book)

http://home.earthlink.net/~cadman777/aeonic_money.htm

Handyman of Louisiana on "dollar"
http://goldismoney.info/forums/showthread.php?t=96306