Find the answer to your Linux question:
Page 1 of 2 1 2 LastLast
Results 1 to 10 of 12
I have a friend who's a nuke-physicist and he asked me this question: Q: I f there were no debts in our money system there wouldn't be any money. Yes/No ...
Enjoy an ad free experience by logging in. Not a member yet? Register.
  1. #1
    Just Joined!
    Join Date
    Jul 2010
    Location
    Wellington, New Zealand
    Posts
    4

    Question From a Nuclear Physicist


    I have a friend who's a nuke-physicist and he asked me this question:

    Q: I f there were no debts in our money system there wouldn't be any money.

    Yes/No and why

  2. #2
    Linux Newbie
    Join Date
    May 2009
    Location
    Kitchener, Ontario, Canada
    Posts
    206
    i googled your question to see if your friend thought up the question himself.

    "Irving Fisher, economist and author “That is what our money system is. If there were no debts in our money system, there wouldn't be any money."

  3. #3
    Linux Guru Rubberman's Avatar
    Join Date
    Apr 2009
    Location
    I can be found either 40 miles west of Chicago, in Chicago, or in a galaxy far, far away.
    Posts
    11,677
    And, I think the reason is that money itself is a debt, that the issuer of the money (script, check, govt-issued gilt) is making a promise to pay the bearer on demand, or to exchange it for something of equal "value". Back in the day, the US issued money as "silver certificates" in that upon demand, you could get an equal amount as the value of the bill in silver. Sometime about 50 years ago this practice was halted. Now, your U$D are about worth the paper they are printed on...
    Sometimes, real fast is almost as good as real time.
    Just remember, Semper Gumbi - always be flexible!

  4. $spacer_open
    $spacer_close
  5. #4
    Linux Enthusiast cousinlucky's Avatar
    Join Date
    Dec 2005
    Location
    New York City
    Posts
    676
    I suggest that you go through the archives of the Mises Institute!! Just Google them or lewrockwell for a deluge of information on the subject.
    PCLinuxOS Gnome and PCLinuxOS Mate
    Linux user # 414321
    You Should Not Give In To Evils, But Proceed Ever More Boldly Against Them!! -from book six of Virgil's Aeneid
    Everything Within The Universe Is Related; We Are All Cousins!!

  6. #5
    Linux Engineer rcgreen's Avatar
    Join Date
    May 2006
    Location
    the hills
    Posts
    1,134
    Our money system, the way it is presently constructed,
    is based on government debt, but that doesn't mean
    that money is theoretically based on debt.

    Money is merely a commodity that is especially suited for
    exchanging for other items, and being the measure
    of other items' value. It doesn't have to be based on
    gov't debt, but governments find this very convenient,
    so that they can create as much money as they want,
    or as much as they dare. It enables them to run a budget
    deficit perpetually.

  7. #6
    Just Joined!
    Join Date
    Jul 2010
    Posts
    2
    I'd love to know how him being a nuclear physicist has any bearing on the question.

  8. #7
    Linux Engineer MASONTX's Avatar
    Join Date
    May 2010
    Location
    Mason Texas
    Posts
    934

    Question for the nuclear scientist

    Each molecule is stable, with a balanced charge of protons and electrons. If you strip off some of those electrons, you may achieve your immediate purpose, but at some point the scale needs to be balanced. If you keep stripping off more and more electons, but don't ever balance the charge, what happens? The econeomy is similar.

  9. #8
    Just Joined!
    Join Date
    Jul 2010
    Posts
    2
    Ah! - It makes so much more sense when you describe it like that.

    Now, if you could just think of some analogy involving the linux kernel, we'd open it up to a whole new audience.


  10. #9
    Linux User zenwalker's Avatar
    Join Date
    Feb 2010
    Location
    Inland Empire
    Posts
    293
    The concept of periodic debt forgiveness (i.e. every seven years) is what led to the Statute of Limitations. It needs to be reinstated for equity and Justice's sake. ( O listen to the corporate outcry!)

  11. #10
    Linux Engineer MASONTX's Avatar
    Join Date
    May 2010
    Location
    Mason Texas
    Posts
    934
    Would you sell your house on a 30 year note if you knew that in 7 years you would have to wipe it out? Banks, businesses, lenders of all kinds, and home sellers who finance would all make only 7 year loans or less. The down payment requirements and monthly payments would kill the housing industry.

Page 1 of 2 1 2 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •