By A. Clayton Slawson III*
In today’s economic market, people tend to think excessively about money whether to spend on essential or discretionary goods and services, savings or which investment options to choose, or even the current topic du hour in Washington, whether there is too much or too little money floating around! Many “arm chair” economists, lacking the knowledge of our economic history, stop at these basic thoughts however, and thus never fully understand money in terms of its identity, origin, or even how today’s currencies became of value in the first place. Just as these concerns can vary person to person, so too can the very definition of money and how currency adopts value. In order to better understand the “nature of money,” this paper will utilize the frameworks of both the Orthodox school and the Heterodox schools of thought to provide a basic understanding of money in their respective approaches, which will set up a clear argument for why one approach is more advantageous for guiding economies toward full employment. Undoubtedly, any weekend warrior economists will be better prepared for discussions on money at the conclusion of this paper.
By William K. Black
The troika has consigned one-third of the Eurozone to a gratuitous Great Depression
I have written several articles recently describing Spain’s continuing Great Depression levels of unemployment and the absurdity of the troika’s policies with regard to the “threat” presented by “deflation.” The troika consists of the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF).
By Falguni A. Sheth
This post was originally posted Translation Exercises on Feb. 12, 2014
Last month, I wrote an article about former financier Sam Polk, whose move from Wall Street to Groceryships has been celebrated as an example of the 1% awakening to a moral conscience. Groceryships is a charity that gives “grocery scholarships” to “poor moms” in order, ostensibly, to alleviate their meager budgets for healthy foods. But the scholarships come with many strings attached: to swear an allegiance to want to be healthy; commitments to attend weekly nutrition classes, do homework, take cooking classes. More on Groceryships in my next piece.