[ExI] Banking, corporations, and rights (Re: Serfdom and libertarian critiques)

Stefano Vaj stefano.vaj at gmail.com
Tue Mar 1 16:07:00 UTC 2011

On 28 February 2011 18:47, Eugen Leitl <eugen at leitl.org> wrote:
> Metrology uses references. In case of monetary units you need the
> amount of a current essential commodity (diversified, weight-adjusted,
> made resistant to gaming) the monetary unit can buy.

Commodities do exist. What gives monetary units value is the
willingness of economic subject to accept the latter in exchange for
the former...

> Another problem is that compound interest is linear semi-log plot,
> while the underlying economy growth isn't. There's a reason why
> most religion's sacred texts contain some ranting against usury.

A solution discussed in the thirties, e.g., by Ezra Pound, but never
implemented, is a form of time-limited money, requiring time stamps
for its continued validity, ending up in repaying the entire capital.
This would appear to make usury impossible.

Stefano Vaj

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