Alt Right Lies And The Credit Theory Of Money

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The alt right likes to parrot the destructive Russian propaganda lie that gold has a 5000 year history of being money. This is simply not true. Money has always been credit – or put another way money has always been debt. The motivation for Russian propagandists disseminating this dangerous untruth (and other money myths) is to breakdown the trust between individual citizens and between citizen and monetary authorities – so as to cause chaos and disruption to the efficient functioning of the economy.

The oldest known (among scholars and archaeologists) example of money is clay accounting tokens from Susa (modern day Iran) circa 3300 B.C. These early examples of a faith based (backed by central authority edict (fiat)) money pre-date the first known examples of silver coinage (Lydia 700 B.C.) by over 2500 years.

The world’s first (known) money has been dated to 3300 B.C. One was equivalent to one sheep. Others represented a jar of oil, a measure of metal, a measure of honey, and different garments. Clearly the system is credit based as a small piece of clay does not have the same value as a sheep. It is also the consensus view among scholars that the system was backed by a central authority who issued the tokens and enforced anti-counterfeiting law.  

During the time of the Babylonian empire (1900 B.C. – 539 B.C.) the monetary system operated without tokens and was purely a ledger system, recorded on clay tablets. This is the origin of the still common phrase “put it on my tab”. This system proved to be the most stable monetary system in all of history as the risk of a liquidity crisis (due to token hording) was eliminated. The central authority was always able to increase or decrease the credit/debt (money) supply to match prevailing economic conditions by calling in the tablets and balancing the ledger. This incredible 1000+ year stability is what our modern monetary authorities plan to achieve through the elimination of cash (tokens) in favor of a purely digital ledger system.

The credit theory of money states that even once metal coins appeared, in antiquity, they were always only tokens (i.e. the monetary value was higher than the metal value) and there was never a metal weight/value standard. One of the clearest evidence of this is that the fractional coins never added up to equal the unit coin in weight. The reason that gold and silver were used to make the tokens was that by 700 B.C. metallurgy had developed far harder and stronger alloys for tools and weapons – there wasn’t a lot of use for such soft metals as gold and silver except for objects of art and beautiful tokens.

The idea that a commodity could be money seems to have gained favor with the publication of Adam Smith’s The Wealth of Nations. He uses the example of the early Newfoundland cod fishery (1500 CE – 1650 CE) where he claims that the salted cod was the money. This notion is clearly ridiculous for many reasons, not least what would one use to buy cod.

The mistaken belief that a commodity can be money, rather than the correct understanding that money is a credit/debit unit of account backed by a central authority, has caused untold chaos ever since. Commodity money is inherently unstable as authorities are unable to counter irrational hording and bank runs. A liquidity crisis due to a run on gold lead directly to a breakdown in trade, and relations, between the major powers and resulted in the tragedy of the First World War. It is clear why an aggressive Putin wants to spread these money lies in the West.

MillionDollarBonus
MillionDollarBonus

I concur – absolutely devastating article Rich. It shows that a credit based monetary system is nothing new, but rather the oldest working monetary system in recorded history. Historically, gold-based currencies always end, because at some point governments simply need to expand the money supply to manage the economy, and at that point they abandon gold in favor of a credit based system. This has happened time and time again throughout history.

Why can’t goldbugs learn from the past and move on? Is it because they have fantasies of being kings of the universe when the gold price eventually “goes to the moon”? Is it because they want to feel intellectually superior by flaunting their knowledge of gold’s historic use as money? Either way, hoarding gold is an immature and destructive practice that should be banned and relegated to the dustbin of history.

Billy the Kid
Billy the Kid

If your not a goldbug MDB and don’t care for the opinions of gold bugs why waste your time trying to convert them?

AccreditedAggie
AccreditedAggie

I read somewhere that most goldmines are owned by privileged old white men – no wonder the Alt-Right want us to go around with bags of gold shavings to buy our groceries!

trav777

Venezuela can show us the way.

MillionDollarBonus
MillionDollarBonus

Unfortunately Venezuela was the victim of capitalist oil companies who crashed the oil price in order to destroy their economy. Venezuela was doing incredibly well before this. So sad …

Billy the Kid
Billy the Kid

They Nationalized the oil field… Do you know the difference between Capitalism and Socialism?

kkk
kkk

What a bull####!

MillionDollarBonus
MillionDollarBonus

Another Russian Trump-supporting troll. Go away you horrible little bigot!

jack morgan
jack morgan

bs article. when you possess something that is not contingent on anthing to sustain its tradeable value for exchange of goods and services, that is the highest level of value. fractionalized fiat is a scam. and considering it is the jews game, it would come as no surprise to have self serving articles like this pop up. go back to hell where you came from, ye .2% of the population, and take your s-t for money and your globalist clique with you. the 99.8% has had enough.

MillionDollarBonus
MillionDollarBonus

So you simply skim over the fact the a credit based monetary system is the oldest working monetary system? Yes – every working economy has a central bank which manages the money supply, and this is managed by a select group of elite economists, who of course are a small proportion of the population. Is this supposed to make us angry?

Nick
Nick

Why was the clay coins debt our credit? Did chime into existence with interest owed?

ThisArticleSucks
ThisArticleSucks

Actually, this is not evidence of a debt based system at all…but hey, sites like this never let actual facts get in the way of their fantasies.

Regressive Party ChairMAN
Regressive Party ChairMAN

> fractionalized fiat is a scam

Once cash is eliminated, the fractional banking system will also be eliminated. No cash = no fraction of cash.

> and considering it is the jews game

The Jews learned this efficient monetary system during their excursion into Babylon. This Babylonian monetary system allows the money supply to grow with the economy. A commodity-based monetary system is limited to the supply of the commodity and can be negatively influenced by hoarders.

> go back to hell where you came from

There exists no such place except in your imagination.

trav777

how dare you denigrate the traditional healing methods of the noble natives and indigenous peoples with your whitesplaining! They have much to teach us about the land and gaia and being in tune with nature. Every single Hollywood blockbuster I have watched has proven to me that the natives lived long, majestic lives of philosophy and self-reflection, in total peace and harmony with the earth and all other people around them.

We replaced their traditional ways, which led to the achievement of significant wisdom among their elders, with our western butchery

Sugarlock
Sugarlock

The reason the Jews seem over-represented in banking, business, and finance is that they are the only ones that can really be trusted. They read the Hebrew Scriptures constantly and, as a result, always do the right and fair thing:

Proverbs 16:11 (JPS Tanakh 1917): A just balance and scales are the LORD’S; All the weights of the bag are His work.

Proverbs 11:1 (JPS Tanakh 1917): A false balance is an abomination to the LORD; But a perfect weight is His delight.

Leviticus 19:36 (JPS Tanakh 1917): Just balances, just weights, a just ephah, and a just hin, shall ye have: I am the LORD your God, who brought you out of the land of Egypt.

I sometimes feel bad that I don’t make as much money as Jews. But then I remember that it is because I am not as honest as they are. If a president appointed me as Secretary of the Treasury or as Chair of the Board of Governors of the Federal Reserve System, I would immediately start figuring out some sneaky way to take advantage of my position to get rich. That is why it is so important to fill such positions with Jews.

AccreditedAggie
AccreditedAggie

This is a very fine comment. Jews are so honest because they all read the TALMUD, the worlds most accredited holy book.

ThisArticleSucks
ThisArticleSucks

Marxism at its finest…;later things are better than prior things, because progress?

Unless of course the supposed “progress” is regressive, which can and does happen all the time.

But don’t let facts get in the way of your utopian fantasies.

Merlyn Rattanchair
Merlyn Rattanchair

And family formation with endless porn!

Black Lives Matter

The best approach is just to get rid of money. Everyone should share everything equally, except for Whites who owe reparations as well. We need a gift economy.

MillionDollarBonus
MillionDollarBonus

This is the ultimate goal. A cashless society is a stepping stone to a global utopian commune that serves everybody’s needs at the expense of the historically privileged.

Billy the Kid
Billy the Kid

Isn’t that what Stalin tried to do???

Black Lives Matter

Oh, look, a capitalist. Go back to your alt-right websites, troll. Uncle Joe was a great leader who crushed the fascists in the Great Patriotic War.

Billy the Kid
Billy the Kid

hahaha, sorry I took a wrong turn. The snozberries don’t even taste like snozberries here!!

trav777

I concur. Whites are going to need to roll up their sleeves and prepare more fried chicken, grape drink, and watermelon, because the minority population NEEDS it. Check your fuckin privilege and get to work white man! Weed don’t grow itself

Merlyn Rattanchair
Merlyn Rattanchair

These dicks don’t suck they selves suckah!

Truth
Truth

Which then allows taxation at any basis and creates a true communist society. I had the lucky opportunity to speak with a former fed governor. Their goal is negative interest rates, which ultimately is a taxation in savings and preventing wealth growth unless you are in the stock market. Their only fear is the hording of cash which is why they have created propaganda to drive people to a credit or cashless society. Thus if your goal is to be dependent on the government than you prefer the cashless society, i.e. another drone buzzing for the queen. If your goal is independence, i.e. saving wealth to provide for yourself and children, preferences lead to tangible wealth versus credit.

Nick
Nick

Youtube (the world defeated the wrong enemy)

jfb

A well researched and interesting article. Any economy based on the gold standard introduces chaos and eventually leads to the collapse of the society – think about the deflationary spiral of Spain when the stolen gold of the Incas started to reach Europe – it just triggered thecollapse of the Spanish empire soon after.
Now I was horrified to see that even the highly respected Washington Post allowed such an article to appear on its website:
http://www.washingtonsblog.com/2011/07/we-have-forgotten-what-the-ancient-sumerians-and-babylonians-the-early-jews-and-christians-the-founding-fathers-and-even-napoleon-bonaparte-knew-about-money.html
I’ll give you an excerp:
“Moreover, Hudson says that the ancient Sumerians and Babylonians knew that debts had to be periodically forgiven, because the amount of debts will always surpass the size of the real economy.
For example, Hudson noted in 2004:

Mesopotamian economic thought c. 2000 BC rested on a more realistic mathematical foundation than does today’s orthodoxy. At least the Babylonians appear to have recognized that over time the debt overhead became more and more intrusive as it tended to exceed the ability to pay, culminating in a concentration of property ownership in the hands of creditors.”
The fact is that the Babylonians could not easily implement negative interest rates or bank account “hair cuts” in order to prevent the model from collapsing.. That’s somethin that the author (Michael Hudson) seems to ignore

trav777

napoleon’s latin monetary union practiced bimetallism, as did the USA.

The British Empire was on paper gold, the Sterling Bill. It was the lynchpin of the Imperial Power via the Bank of England.

drb6
drb6

Thank you for this FANTASTIC historical excursion! I think that debt forgiveness (jubilee) should be practiced today as it was at the times of Sumerians and Babylonians. Difference in today’s world – banks should forgive debt only to oppressed minorities, so they can buy more flat-screen TV’s, iphones 8, and chicken nuggets, thus stimulating economy and also somewhat righting the past wrongs of oppression.

Sugarlock
Sugarlock

EMERGENCY PROPORNOT ALERT.

The washingtonsblog link above has defiled this web page with 6 ugly red PropOrNot Y’s. I followed the link and PropOrNot gave me this warning:

“227 links on this site have been identified by the PropOrNot propaganda identification service as repeating, echoing, or referring their audience to Russian propaganda. They are highlighted in YYYs.”

I don’t think that washingsblog link is really part of the Washington Post, as jfb says, but if so, ALL HOPE IS LOST.

dsaar
dsaar

What a load of nonsense, Gold and silver were never used for tools or weapons and always had intrinsic value..Hence coin shaving.
Who is the idiot that wrote this tripe?

Sugarlock
Sugarlock

Kind sir, would you please refrain from using words like “idiot” and “tripe” on this web site. Richandrenee is an experienced writer for the Accredited Times. The Accredited Times is a premier progressive communications-medium and think tank. If you must use disrespectful gutter-language, please go to an alt-right web site.

drb6
drb6

Please define intrinsic value.

On a related note, does a brick have intrinsic value? If not, would you buy a brick from a polite oppressed man at 4 am in dark place for whatever amount he wants to sell it to you?

putin
putin

The tokens from Susa are not money, they are accounting system. All your statements are wrong. The first money ever used are commodity based (ex. pieces of obsidian, copper, tin, gold and silver later).

http://en.finaly.org/index.php/The_earliest_precursor_of_writing

AccreditedAggie
AccreditedAggie

Iaaeeee! The devil HIMSELF has appeared in our safespace to spread his racist lies!!! Begone, Putin!!! Hsssst, away!!!

trav777

Yes. A Pound Sterling wasn’t actually a Pound Sterling, now was it?

Those who would respond to this article by calling it utter and complete counterfactual rubbish with no basis whatsoever in anything other than asinine wild fantasy are missing the point completely! Never mind that in each case, the ledgers accounted for some REAL good or service owed, as opposed to merely a “monetary” credit claim with a floating real value of tokens. This type of arrangement is what caused PRIVILEGE and Adam Smith, who was a white man. Therefore, we should reject it.

If we merely subtract out ANY real connection between money and goods, we can divorce the power of money from its privileged holders. No longer can they hoard. Big businesses currently control the credit system and they inflate and deflate the money supply to benefit themselves…as opposed to the government doing it. This is an evil situation that benefits the most privileged and rich!!

Wait a minute, no, that’s totally incorrect…we must maintain banking and finance because they are dominated by jews. To suggest we eliminate such a system based on private levying of compound interest would be anti-Semitic.

Truth
Truth

What a one sided piece of crap. This article use fragments and a photo to state that commodities are not money indicating shells were the first coins in 3300 bc. This one hypothesis which predates mining conviently ignore the progress made by mankind since then and suggesting gold caused the two great wars. I’m surprised that he did not blame the exchange of coins for the great plague. It is shocking what is considered “accredited journalism” versus blatant propaganda for status quo.

Black Lives Matter

Accredited: “Wherever trade routes existed, normally the plague would follow, radiating out from Italy.” http://academic.mu.edu/meissnerd/plague.htm

The fact that you would even use the so-called “Black Death” as an example shows how imbued in White Privilege you are. Why is it called the “Black” Death, and not the “White” Death when Whites were the ones who spread the disease, per usual? Racism.

ThisArticleSucks
ThisArticleSucks

Hilarious…

A type of money doesn’t work because the government can’t manipulate it in order to serve its own ends? This articles claim entirely revolves around one unjustified belief: that the government needs to have the ability to “counter hoarding,” otherwise known in the real world and not in bureaucrat circle jerks as “saving.” What nonsense.

Gee, maybe that’s exactly the POINT of having a commodity money: precisely because the government can’t control it.

Herp, derp, spluh. Hey author, go shoot yourself…

Black Lives Matter

If the government can’t control the money, how would the government maintain price stability and reduce unemployment? Your comment is nonsensical.

ThisArticleSucks
ThisArticleSucks

Answer: the government does not need to maintain price stability, because price stability is not actually a good thing.

The government is incapable of reducing unemployment for any meaningful length of time.

Your comment is not just nonsensical, it’s idiotic and clearly a product of your stupidity.

drb6
drb6

Total nonsense. Government can draft everyone into army and send off to fight for democracy! This way 100% employment can be easily achieved.

Bolohall
Bolohall

Pathetic children look to government for everything. Grownups look in the mirror. Grow up

Sugarlock
Sugarlock

ThisArticleSucks, you said: “go shoot yourself.” Do you realize that that is hate speech? It’s a macroagression. And I suggest that you apologize to the author right now!!!

ThisArticleSucks
ThisArticleSucks

I don’t care about your sissy “microaggression” nonsense. I don’t care what you call hate speech. Welcome to the adult world, where nobody gives a shit about your feelings.

drb6
drb6

So you want large businesses to manipulate money instead of our elected government wisely choosing to regulate money supply?

ThisArticleSucks
ThisArticleSucks

This article wasn’t researched….it was made up.

Sugarlock
Sugarlock

Is it my imagination, or has there been a lot of anger today? I made an innocent comment praising the Jews for their honesty and another comment asking somebody to not use offensive language on this web site. And I got some of those scary red downvotes. I thought I would get a bunch of green upvotes.

drb6
drb6

Let me upvote all your comments on this page. All accredited commenters plead you to not retreat into your safe space so we can benefit from more of your wise thoughts.

Sugarlock
Sugarlock

Thanks. ThisArticleSucks just said he didn’t care about my “sissy nonsense.” I was about to go down the designated Safe Spaces at the university near here.

drb6
drb6

Sugarlock, please do not be discouraged by these right-wing, Trump-loving trolls. I am giving you a politically correct hug developed by an English green parliamentarian.

Please choose among three politically correct hugs she developed:

side by side (hands on shoulders); frontal (an object – such as a clipboard – acts as an appropriate barrier during the embrace, with hands on shoulders) and the warning from behind (“Do you want a hug?” followed by – you guessed it – hands on shoulders.)

As Ms Kennet told hug workshop participants:
“A politically correct hug should be used to support each other after working hard,” “If the hug is done correctly, it’s the most incredible feeling.”

I think we have worked incredibly hard to fight racism and prejudice on these pages, and deserve politically correct hugs!

TrueDat
TrueDat

Yeah gold sucks! Id much rather have some paper or clay trinkets to represent all the hard work and hours of my life spent toiling. If we can find something that is worth less than paper i would love to have my savings put into that.

Whats that you say…i could go cashless with digital currency or even bit coin. Oh boy sign me up cause I am a trusting shmuck.

AccreditedAggie
AccreditedAggie

Of course clay “trinkets” are a better way to store wealth – they are far easier to create than gold coins, so you can double your wealth just by making twice as many clay trinkets., whereas digging up twice as much gold is really hard.

This is so obvious you’d think even the Alt-right Nazis could understand it!!!

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