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