--------------------------------------------------------------------------------
From: raghu < > Laurent GUERBY : > As of Q2 3008, sum of about 51 trillions USD. > > Do the same for all currencies, and you have the total amount of fiat > money in the world. > CB: So, "we" have enough to cover the 700 billion + 200 billion + 85 billion easily,and throw in a trillion to bailout a lot of debtors. > The way I look at it is: almost all of this money is in the form of debt i.e. promise of future use-value. If we try to convert even a small fraction of it into use-value today, you'll end up with hyper-inflation. -raghu. ^^^^^ CB: I'm trying to think of what is the social utility of the whole Wall Street banking sector. How is it in the best interest of society as a whole for the Wall Street bankers to hold such gigantic amounts of money ? or funny money ? or "debt-money" ? fictional capital or value ? Is it really in the best interest of most of us to "credit" the creditors with owning such a large proportion of the total wealth or the total amount of money ? Do their activities really contribute so much to the commonweal such that they should be credited with holding so much of the total wealth of society ? This message has been scanned for malware by SurfControl plc. www.surfcontrol.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
