Memo to Central Banks

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WiseOne
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Memo to Central Banks

Post by WiseOne »

http://www.realclearmarkets.com/docs/20 ... sorder.pdf

Dylan Grice constructs a nice argument here that currency devaluation and social unrest, and in particular scapegoating, are closely aligned. 
Without exception everything you own, everything you want to own, everything you need, and everything you think you need embodies the different skills and talents of a mind-boggling number of complete strangers. In a very real sense we constantly trust in strangers to a degree, as strangers trust us. Such cooperative activity is to everyone’s great benefit and I find it is a marvellous thing to behold.

The value strangers put on each other’s contributions manifests itself in prices, and prices require money. So it is through money that we express the extent of our appreciation for the many different talents embedded in each thing we consume, and through money that our skills are in turn valued by others. Money, in other words, is the agent of this anonymous exchange, and therefore money is also the agent of the hidden trust on which it depends.

...money implies a trust in the future. It implies that today’s money can be used in the future. So in the era of punk, did the Sex Pistols provide the most concise commentary of the malaise?
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