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Money Making Money of Monetarism
Monetarism has many definition but they all boil down to the premise that money can make money. This premise, of course, benefits those who already have money, for they can maintain or improve their financial picture by having their money make money. For the average person who are the wealth-makers, the skimming of the some of the wealth by the money-players is no big deal as long as the money is used to fund greater capitalism, that is, increased productivity per capita and increased capita at production. But what happens when decapitalism becomes the economic engine instead of capitalism? Inflation as more money making money chases fewer goods and services. Without change in the money markets, this modus operandi is a one-way ticket to economic collapse.
In the past and in many guises, the engines of production and job-creation have ground to a halt as more and more people have been encouraged to speculate rather than invest. Speculation is gambling on price changes of old products, e.g, gold, stocks, beannie babies, etc. Investment is putting money into new production, particularly needed goods and services. (One can see the basic difference between the two in their etymology, voyeurism(speculate) versus clothing(vestments).
This take/make dichotomy is the same as gambling/gaming instead of working. Work solves the problems behind the cost of living while gambling/gaming are examples of the play pathos where people focus on what they want--the cost of lying. Among the past forms of inflationary speculation have been Tulipmania, South Seas Bubble, 1929 Stock Crash, and 2000 internet bubble. In all cases, public figures proclaimed "new economies" where everyone would be rich. If tomorrow we all could turn sand into gold, would we be richer if we all had tons and tons of gold? Gold would be worth less than shit for the latter can be used as fertilizer to grow food. Likewise, if the government gave everyone a million dollars for healthcare, would healthcare improve? No. The same, limited number of healthcare providers would simply raise their prices (which is what is going to happen as a result of Obama's healthcare program.)
Government--in all facets of its impact on the governed by laws, regulations, taxes and example--govern the time of the governed. If governments encourage people to gamble, game or play, the work of producing needed goods and services will decline. Inflation will result. Inflation, in all its facets, is the cheapening of people's time as indicated by its semantic cousins, flattery and flatulence. If your money loses half of its buying power due to inflation, the time you worked to earn the saved money was cut in half. If taxes take 40% of your paycheck then taxes are taking 40% of your worktime.
If a government relies on monetarism where the money-players seek to have money-make money, the best and brightest will turn from wealth-making to wealth-taking by playing with money. Increasingly, the time of the govern will seek more money under the illusion that money is wealth. Money is merely a symbol of wealth whereby, if allowed, money players will increasingly become wealth-takers.
(The worsening and multiplying global financial crises are a result of politicians not only accepting the inherent, counterproductive and inflationary nature of monetarism but are actively engaged in being wealth-takers on a personal basis. Elected officials leave officials many times more wealthy than their salaries would justify. Why? They personally speculate, e.g., members of the U.S. Congress engaging in short-selling based on their being the ultimate insiders: They determine where billions are going to stimulate or depress corporate activity.)
Monies based on political fantasies rather than economic realities--like redistricting voting populations--are dysfunctional currencies. They inherently foster wealth-taking especially by those with the means to automate the wealth-taking, e.g., LTCM. A similar example of wealth-taking is the stock actions of hedge funds and startups which play the IPO game, that is, Insiders Phooling Outsiders.
The cure to ills and evils of monetarism is an honest, functional currency based on the lifehour value of each economic unit. The lifehour value is the time needed to buy the necessities of life divided into the 24 hours of the day. The value of a lifehour can increase by better democracy and better capitalism which the habitual politicians will not allow because it would stop their legal thievery. With better democracy and capitalism, we would solve our problems faster by defining and apportioning level rights whereby the best level of an economy to solve a problem would have the power to do so.
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