51–60 of 191 posts
Money is a contract with the state. It expires with the state. Physical paper bills also do wear out. https://www.washingtonpost.com/business/interactive/2023/old...
Complete insanity. Don’t plan for the future. Don’t delay gratification. Never save up enough money that you’re allowed to have a taste of true freedom. Always be precarious, always be dependent on your boss for the next handout, lest your food and shelter be in jeopardy. Don’t step out of line, lest that handout be jeopardized. Keep your hands off my bank account.
His idea was to put a kind of tax on money and the responsible to pay this tax is on the holder of the money.
As such you could still put your money into a bank and free yourself of this responsibility and the bank on the other hand is highly motivated to loan the money out as fast as possible to relive itself from the responsibility.
It does, it's called inflation.
On an unrelated note, HN rules forbid me from implying that a commenter has not read the article.
Money is a contract with the state. It expires with the state. Physical paper bills also do wear out. https://www.washingtonpost.com/business/interactive/2023/old...
Soft money is a contract with the state, hard money doesn't expire. A $1 silver dollar coin from 1901 is worth a heck of a lot more than a $1 bill from the same time.
The notion of "hard money" is a joke.
Money do expire! There is inflation... I would like similar system for land ownership and buildings. Property taxes at level of 5%. In China land can not be owned, but only leased for 70 years.
Actually no. Expiration of money and inflation can exist simultaneously. Expiration of money is an end of life cycle event of individual bills - it affects certain lump sum of money that will become void in corpore. The nominal value of the money will remain the same. Inflation is continuous devaluation of nominal value of all the money regardless of individual bills. If we discuss expiration of money then we should…
That is the digital economy of the future. Tagged credits, some with expirations and other constraints (perhaps geospatial). It's the only reasonable way to implement something like UBI: give everyone X "food credits" and Y "housing credits" each week. There would still be fraud and "credit laundering" to get around the expirations, but the overall waste would be tiny compared to the legacy finance system.
Nationalize the real-estate and you create a monopsony for housing credits. Open up state-run distribution centres that accept the food vouchers, and only redeem them there.
The laundering/cashout concept relies on someone qualified to accept the credits and get real money back from the state. Stereotypically, this was a shady bodega or landlord who would fudge the books to claim they had enough sales to cover the vouchers they bought for 20% of face value. Going to direct fulfillment means they fall out of the loop: there's nobody[0] who can give you anything for the voucher except for a can of corn.
[0] Yes, someone might be willing to buy up vouchers if they wanted a LOT of cans of corn, but the logistics and difficulty of converting that to real cash means that it's not going to scale. It might surge during crisis events, where the cash price of a staple suddenly skyrocketed, but a voucher denominated in grams/litres/bushels held value.
Complete insanity. Don’t plan for the future. Don’t delay gratification. Never save up enough money that you’re allowed to have a taste of true freedom. Always be precarious, always be dependent on your boss for the next handout, lest your food and shelter be in jeopardy. Don’t step out of line, lest that handout be jeopardized. Keep your hands off my bank account.
"Your" bank account? Only so long as you don't step out of line or say the wrong thing. Access to "your" money is a privilege granted by the state and large corporations you are awarded only so long as you are making money for they system. What you seem to be upset about is EXACTLY the system we have now. Roughly, state backed currencies seem to inflate by about an order of magnitude each generation, a nickle 40 year…
Money do expire! There is inflation... I would like similar system for land ownership and buildings. Property taxes at level of 5%. In China land can not be owned, but only leased for 70 years.
Actually no. Expiration of money and inflation can exist simultaneously. Expiration of money is an end of life cycle event of individual bills - it affects certain lump sum of money that will become void in corpore. The nominal value of the money will remain the same. Inflation is continuous devaluation of nominal value of all the money regardless of individual bills. If we discuss expiration of money then we should…
Bank creates credit (money), often with timed terms of repayment
As you repay, that credit is gradually removed from the financial network.
Complete insanity. Don’t plan for the future. Don’t delay gratification. Never save up enough money that you’re allowed to have a taste of true freedom. Always be precarious, always be dependent on your boss for the next handout, lest your food and shelter be in jeopardy. Don’t step out of line, lest that handout be jeopardized. Keep your hands off my bank account.
"Your" bank account? Only so long as you don't step out of line or say the wrong thing. Access to "your" money is a privilege granted by the state and large corporations you are awarded only so long as you are making money for they system. What you seem to be upset about is EXACTLY the system we have now. Roughly, state backed currencies seem to inflate by about an order of magnitude each generation, a nickle 40 year…