Comments on: Money as a Commons requires a Local Standard of Value https://blog.p2pfoundation.net/money-as-a-commons-requires-a-local-standard-of-value/2016/02/06 Researching, documenting and promoting peer to peer practices Sat, 28 Jan 2017 23:53:41 +0000 hourly 1 https://wordpress.org/?v=5.5.15 By: Shann Turnbull https://blog.p2pfoundation.net/money-as-a-commons-requires-a-local-standard-of-value/2016/02/06/comment-page-1#comment-1578263 Sat, 28 Jan 2017 23:53:41 +0000 http://blog.p2pfoundation.net/?p=53698#comment-1578263 I agree with the statement by Arthur Doohan that ‘Fixed “standards” of value or exchange NEVER work because both the underlying economies and peoples valuation of them change steadily/constantly.’

However, I was not proposing a form of money convertible into a commodity. Instead I was proposing an index, tether or peg that would be independent of the level of production or consumption or the underlying economy. Please refer to my P2P wiki at: https://wiki.p2pfoundation.net/Shann_Turnbull_on_Establishing_Sustainable_Units_of_Value

A more details analysis is provided in my article: ‘Terminating currency options for distressed economies’, Athens Journal of Social Science, vol. 3, issue 3, July 2016, pp. 195—214, available from: .

]]> By: Arthur Doohan https://blog.p2pfoundation.net/money-as-a-commons-requires-a-local-standard-of-value/2016/02/06/comment-page-1#comment-1546637 Mon, 08 Feb 2016 11:07:02 +0000 http://blog.p2pfoundation.net/?p=53698#comment-1546637 Fixed “standards” of value or exchange NEVER work because both the underlying economies and peoples valuation of them change steadily/constantly.

Money is not and never can be democratic, it is entirely personal and private. Intruding onto this property moves from wishful socialism ( not a bad thing ) to totalitarianism.

Despite all the propaganda, no one has been shown to have suffered any losses from “rate rigging”, let alone that there has been significant effective “rate rigging” and using this nonsense to urge reforms of unrelated technologies is merely posturing. Further, the value of money is checked everyday by every transaction whether in collapsing Japan or exploding Zimbabwe.

Interest rates reflect the underlying rate of change in the economy, whether via calamitous finite resource exploitation or evolution of technological efficiency. Money, whose various forms map the throughput of the economy, is thus intrinsically related to the change therein. Thus, money without interest is a contradiction in terms and will never be held or used. This is not to say that interest at either ZIRP or usurious levels is not a fraud upon the people by the “authorities”.

Further, banks are banks by sole virtue of the right to use the word “bank” in their legal title. They have no greater powers than any person. Each of us may take a property charge and can pay or claim interest from another. Credit creation is not the preserve of banks, it is just that we have allowed them to become over mighty.

Equating money with credit is entirely fanciful and reforming money will not end interest rates not change the fairness or efficiency of credit allocation

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