Discovery of an objects class parent/child relationship in creating an object oriented conceptual structure model is an iterative process of asking the simple question: What type of a thing is this a thing of (has all the attributes of the parent thing but attributes that differ from those of other things that also have all of the attributes of the parent thing) until the ultimate class of the thing is reached. Start with any plant or animal as an example of this process until you get to the general class of all things in it. Of course, plant and animal are both children of a higher class parent.
Google "ontology"
Start with money and ask the question and at some point categories of money get to state money. Every sovereign nation or combined sovereign nations (EU) has its own money.
All state money is a child of the Super Class of Money meaning all money. Is "All Money" a child of a higher parent class?
The danger: All Money is the same as World Money!
Must the concept of World Money (EU money as an example of a step in this direction of total world money) necessarily give up sovereign control of a nation's rights related to money?
1 comment:
Yes. Or no.
All this is subject to and subject of LAWS and rules.
But for EU nations to rely on a foreign political entity -- the ECB which they do not control -- and which imposes anti-economic rules on the subject countries -- those that HAVE adopted the Euro in place of their own currencies are in a bind.
IF the ECB acted more like the Fed --- or like the Fed COULD act if Congress was willing --- there would be no silly European economic crisis. Instead, the EU and ECB has used its monetary powers to enforce undemocratic rules on subject countries AND subject populations.
The benefits of the common currency are small, because with computers we have, conversion from Drachma to Lira was not a problem. The problem is they cannot "print" enough money to get out of bank-imposed recession, to devalue their own currency (inflation tax = debtor relief), because this is forbidden.
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