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RP Live – Money and the Limits of Sovereignty with Scott Ferguson
July 14, 2021 @ 9:00 pm EDT
RP LIVE presents a talk by Scott Ferguson, followed by Q&A.
Scott Ferguson serves as editor for The Money on the Left Editorial Collective. He is a research scholar at the Global Institute for Sustainability Prosperity and co-host of Money on the Left podcast. Scott holds a Ph.D. in Rhetoric and Film Studies.
1 thought on “RP Live – Money and the Limits of Sovereignty with Scott Ferguson”
Humans appear on some levels to not know the difference between an abstract representation of something and the real thing. Digital abstract representation is just another form. But at the core the illiteracy that people have about money is that they think it is something of value all by itself when really it is just a counting device for keeping abstract representations of unresolved transactions on ledgers until they are resolved.
Marc Gauvin and the MSTA have looked at the basic core concepts about this thing called money and have shown that the conceptual basis of the systems we are using is illiterate. And the most “educated” in the populace are not wanting to be seen as illiterate. But they have to be given the information and the analysis so that they can use their own thinking to determine the truth. Many people are working to inform the populace about money as nothing more than accounting. And perhaps you have read the work of David Graeber who makes the anthropological and archaeological case that money has, with the exception of a very short so called modern history, always been a credit based system – the inference being that credit is limitless and involves nothing more than record keeping.
With respect to such reckonings, the former president of the Minneapolis Fed, Narayana Kocherlakota, stated that all definitions of money — apart from that of a “record keeping device,” i.e. unit of measure of value — are “vacuous”, nonsensical. His words: “My argument demonstrates the vacuity of the three standard explanations of the role of fiat money in an economy: money acts as a store of value, a medium of exchange, and a unit of account… The true explanation for money’s presence is that money is a record-keeping device.” This citing by Gauvin and the MSTA gets to the heart of the problems with present day, so called modern, economics – that is, that it is illiterate! You see, if money is nothing more than record keeping then there certainly is no authoritarian keeper and giver/issuer/lender of the records before anything has even been done! That would be like assigning the score in a competition before the match has even taken place!
Further illiteracy then is added when the populace not only goes along with the absurdity of authoritarian creation/issuance of the accounting units but thinks that these abstract units have commodity like ‘value’ all their own such that they can be bought and sold and fluctuate in their own ‘value’ that is called out by themselves!
So, you see, we are first up against a long standing illiteracy that resides inside of the ‘educated class’ and the class of people that are trading in the mythical ‘value’ of various currencies while failing to see that the attachment of value to the unit of account is actually illiterate and causes huge instability within the entirety of the rest of the social and economic order. The remedy cannot be one of more authoritarianism and the illiterate instruction by the educated class to the masses that they, the masses, should compete inside of a system that cannot EVER be made fair. The attachment of ‘value’ to the unit of account such that it becomes something to be bought sold acquired traded, etc. – THIS is the core illiteracy that is at the heart of the instability and struggles for control within our social order. But once the populace realizes that this foolish notion is no more true than that the earth is flat then the populace at large will abandon this insanity – no more power struggles, no more mafia-like efforts to control the volume or the value of the currency. When the populace becomes monetarily literate all this stuff ends in the same way that they stopped believing in the flat earth or the earth centered solar system. The People need truth. They can then abandon what is not. It is the effort of the MSTA to bring this truth to light. And the core part of the populace that we must bring this truth to is the teachers.