Randall Wray published this at:
http://neweconomicperspectives.org/2015/12/debt-free-money-banana-republics.html
It was then picked up as a link at:
http://neweconomicperspectives.org/2015/12/debt-free-money-banana-republics.html
I give both links so as to encompass what are perhaps the best range of thoughtful comments on what he wrote.
Perhaps, and most certainly as a matter of fact given an eternity of time, if I continue climbing like a monkey up a tree to get to the moon by writing in this blog about what money is then I will get to my destination.
It requires a high degree of parsing make sense of the preceding sentence!
It is a truth, (I believe that because I heard it said?) that Pi contains every number string possible. Somewhere in the very long string of Pi numbers is my telephone number! My telephone number would pop up, depending on probability somewhat sooner than the number representing the national debt.
It is a truth that if my fingers bang away on this keyboard like a monkey typing on it that some day, (might take a long, very long time)..... that someday I would type out the exact explanation of what money is. I would type it out at the granular level reduction of what money is first (probably) on the scale of a time line. The full explanation of what money is as documented by a pure operating system (no ambiguities) and pure application programs that run on that system would emerge over the following course of time in increasingly accurate approximations of the pure and structurally perfect Object Oriented Monetary System.
At that point of purity Money would probably no longer be necessary as a medium of exchange. We would as a human society have all our wants and needs satisfied without it. That point? When the world comes to an end!
"The Pope continually asks Michelangelo: 'When you will make an end of it?' and the answer of Buonarotti is invariably the same: 'When I'm finished!"
L. Randall Wray is a monkey climbing a tree to the moon! He reached the top of his tree long ago when he proclaimed that he had reached the moon and it was not of green cheese but a balance sheet. There is a logical if/then in this analogy but more important is the granular singularity of the position that he puts himself in. That position is dogmatic absolute certainty of his economic framing and defense of his framing of Economics as the One True Frame. It is the given, the absolute, the only Way.
In defense of the One True Frame (because it is) all else is heresy (because it is) therefore those that have alternate points of entry to the Medium of Exchange problem domain are to be ridiculed or burned at the stake.
There is nothing beyond the perfection of the Balance Sheet to create money. In the beginning there was the Balance Sheet and the Balance Sheet was.......and it was with......and there are no other........Ok! that is a statement halfway up the tree to the moon. Fill in the blanks to get to the top and join Randall there eating the bananas and laughing at the creatures crawling on the ground ignorance with no understanding of what is the truth at the top of the tree.
On the time line of dogma truth there comes paradigm shifts in the perception of the problem domain of truth. Shadows on the wall is something I have reference in prior blog entries. Shadows on the wall is the same as sitting as the monkey at the top of the tree thinking that Randall is on the moon. "Mission Accomplished", said another monkey in chief.
St. Paul was called Saul before he fell off his horse on the way to the bank. Paradigm shift! He saw it all in a new way and instead of persecuting he championed. Randall should get off his high horse!
One of the comments on what Randall wrote basically said: "Ok, Randall, mansplain to me Bitcoin".
Float like a butterfly and elegantly sting like a bee!
If debt based is the only viable conceptual foundation object upon which the operating monetary system and all of its application programs are to be structured on.......
Then
How can an alternate concept foundation based on a positive conceptual foundation absent a mirror image on the balancing non-existence of the same object be possible?
Let the monkey at the keyboard type on toward eternity to give us the answer to that one. In time there is an answer and it is a better system. The Information Age is all about reduction in time necessary for the answers to emerge from a better technology to define the structure of a conceptual problem domain object, all of its internal object relationships and the methods and messages of those objects at the granular level.
Bitcoin is positive money. Or not. It is binary. Or, it is not binary. That is what objects are reduced to. Binary relationships in the real world. Matter and Energy. Only in the conceptual world of the human mind can the nature of "nothing" mean something by the absence of the same given thing. That is the mysterious gift of human consciousness that sets us above all other creatures in time. The next step for humans is eternity where a debt, if the gift of life is viewed as debt, is ultimately paid back, with judgment as to weather it is in fact paid back in full. Sanctions for default. That is a different place that my mind does not conceptual go in faith although I can comprehend it in fact.
Some, most statistically, even more by expanding the parameters of the survey do go there on faith. Our real established debt based monetary system is a reality that rides on the back of that belief based on faith model. A operating and application debt based social system created and maintained by those that designed it. So was slavery, monarchy, tyranny, etc......democracy.....and.....religion.
Debt based economics is a religion to be defended by its designers and their acolytes as the one true way.
All others are monkeys that have crazy ideas that just will not die but they should.
From the positive side view of the Monetary System Problem Domain the debt based system creators and defenders are..........conceptually challenged creatures that are to naturally become extinct unless converted to enlightenment. Extinguished or converted by function of collapse of their ivory tower that has a foundation beginning and ending of nothing. Debt money and all the application program ambiguities and failures in logic and reason to serve the common good that are made possible by its debt based operating system.
This is what it looks like to me:
The creators of the debt based monetary system assumed the position and power of a god to create something out of nothing that is analogous to life itself. Same model. Same assumption of power to dictate and recall the "loaning of life" back to its creator.
The positive flip side of absolute external power to create something out of nothing by a higher power is this: We endow ourselves with that power by self evident proclamation absolute truth with no concept of a balancing "nothingness" from which it emerged or is founded upon. The positive existence was always there. It is a matter of restorative justice that we have the right to claim it. There is no absence a priori foundation of a medium of exchange system. If there is any absence related to a monetary system it is that a debt based system will cease to exist and be the nothingness of its founding debt concept.
Positive based money will replace debt based money. It is a simple thing. Debt will continue to exist as a function of positive based money that once created (or transformed in a paradigm shift from debt based to positive base) never goes out of existence. Balance sheet accounting will only be applicable to loan/credit/debt applications of a Positive Money operating system. Balance Sheet accounting will not be the foundation of the system, simply an application that may involve interest functions.
Defenders of the Balance Sheet Foundation Base monetary system will not give it up until it is pried from their cold dead fingers. There is no alternative.
It is a social problem. Money is a social decision making tool for the allocation of resources. Leverage using a debt based system puts the power of the tool in the hands of a few along with a moral dilemma equal to that faced by politicians responsible and accountable for governance for public good.
The debt based monetary system is universal. Causing universal problems. Medium of exchange currency money system causes dysfunction because it is not an fundamentally a positive object of independent existence with attributes and methods of it own designed at the granular level. The medium of exchange is not an object, it is a function of accounting and exists as only a number to be manipulated in an accounting system.
Is the debt based balance sheet monetary operating system and related application programs the ultimate and lasting system of our medium of exchange with no evolution or revolution as necessary to become "more perfect" as we advance as a society in creating and applying the systems tools and their application in the Information Age...
or.....
Is our monetary system more like the model of our our nation where freedom is a conceptual positive object proclaimed into existence because it always was in self evident existence and our system design and application seeks to make it more perfect. We only owe freedom to ourselves in a system and function of our own design. A design that we have the courage to improve for the common good and will change it for that purpose.
Positive money is coming. Probably by revolution. A conceptual revolution that will happen very quickly when money is no longer a function of Balance Sheet Accounting. When Balance Sheet Accounting is something related to and relegated to a sectoral finance sub-system and its application functions of debt.
What indeed is this strange thing called digital block chain currency money. Where is its balance sheet equal and opposite counterpart. Looks like positive money operating system and application program to me.
It is a funny situation. Monkeys at the top of two trees chattering at each other.
The debt money tree monkeys saying their tree is the only tree to climb the only tree that can produce bananas. The top of their tree is as far as it goes because there is no advancement of a system and applications based on a foundation of continually producing a regeneration of something from nothing. It can only be refined by increased leverage and speeding up the cycle that produces the designed in spin offs.
The positive tree monkeys saying we have bananas too. They are the same bananas but they have substance not just skin wrappers conveniently functioning convey their profit benefit to the mouth but are recyclable entities that are block chain accounted for never really consumed or going out of existence. Much easier to control and more beneficial in use. Besides we have first senior rights to produce them. You don't.
The positive tree monkeys reply: If all you do is eat is based on the foundation of using the same uniquely identified and perpetual banana over and over again instead of growing it from nothing and then returning it to nothing over and over again.........
Then (politely stated )..................
Eat what those bananas become as they are used and recycled.............you stupid monkeys.
Man emerged from monkeys when they took a different evolutionary path.
Monkeys remained monkeys when they did not have or use the power to conceptualized something other than eating bananas that they defined their reason for being and they could pick them out of thin air.
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