Just lately a burning question has been occupying my mind: WHAT IS MONEY, REALLY? I used to take it for granted that money was just paper notes and coins that have a fixed value and that you exchange for goods and services...right? And money was created by the mint, or so I thought. But as a self-confessed conspiracy theorist in the middle of an alleged banking crisis I feel I should learn more about how the economy actually works. It's long been one of those big topics on my growing list of "things to research".
So I've been watching a few videos and doing some reading. Above all it's made me realise that money has no inherent value. Apparently when gold was originally used as currency and was deposited in a bank, it was exchanged for slips of paper which eventually came to be traded directly out of convenience instead of the gold itself, and that's how the modern money system originated. But those bits of paper at least had something of concrete value backing them (i.e. gold). What makes our money worth something today?
As you can see, I have more questions than answers at the moment. What does seem clear though is that, in a fair system, no one should be able to become extortionately rich from doing nothing. The money one earns should be proportionate to one's labour, effort, innovation, responsibility etc. I find it interesting, no pun intended, that Islam prohibits lending at interest (or at least excessive interest). I learnt that in religious studies in school but never understood the rationale behind it - now it makes sense.
Here's what I've been reading/watching.....
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http://www.kalincolninvestments.co.uk/article_pure_money_system.html
http://video.google.co.uk/videoplay?docid=-515319560256183936#
http://www.youtube.com/watch?v=vVkFb26u9g8
http://www.mustaqim.co.uk/usury.htm
So I've been watching a few videos and doing some reading. Above all it's made me realise that money has no inherent value. Apparently when gold was originally used as currency and was deposited in a bank, it was exchanged for slips of paper which eventually came to be traded directly out of convenience instead of the gold itself, and that's how the modern money system originated. But those bits of paper at least had something of concrete value backing them (i.e. gold). What makes our money worth something today?
As you can see, I have more questions than answers at the moment. What does seem clear though is that, in a fair system, no one should be able to become extortionately rich from doing nothing. The money one earns should be proportionate to one's labour, effort, innovation, responsibility etc. I find it interesting, no pun intended, that Islam prohibits lending at interest (or at least excessive interest). I learnt that in religious studies in school but never understood the rationale behind it - now it makes sense.
Here's what I've been reading/watching.....
__________________________________________
http://www.kalincolninvestments.co.uk/article_pure_money_system.html
http://video.google.co.uk/videoplay?docid=-515319560256183936#
http://www.youtube.com/watch?v=vVkFb26u9g8
http://www.mustaqim.co.uk/usury.htm
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