I prefer "apprehend," which can also mean "to take hold of mentally; perceive; understand." It's less common... but (in my subjective opinion) also pretty valuable :-)
we the 'dissatisfied' all seem to eventually find our place in this modern connected humanity as you've found in the land of the pampas still down under but underneath them Gringo's rather than under the 'Brits' or now Chinese .. on the other side of the Pacific .. well done amigo!
Wow Joel this is another superb writing! I'm in awe at how the world is...turning. Most Americans don't seem to be aware of what's transitioning but thank goodness I do. I'm 60 yrs and I'm not surprised at what's to come. I look forward to next Sunday already to read more from you.
Any money regardless if its paper,coin or even gold is only worth what someone will give you for it. Check out the movie the Book of Elly. It's an education in intrinsic vslue.
How funny, that lack of "intrinsic value" was Tom's main argument against bitcoin in one of Postcards about a year ago, where people on hypothetical island were using nails as money.
I would love to read revision of this Postcard with "intrinsic value" argument omitted.
Kieth Weiner of monetary-metals.com ably points out that gold is money because "gold emerges as the thing (commodity) that has the most marketability, which means the narrowest bid-ask spread" It also has several other features not mentioned frequently: 1) Use value has not been addressed. Serious discussion of use value is needed. As a commodity gold has an alternate use - jewelry, electronics etc 2) Its desirability declines the least with each additional units owned, unlike food, oil or water. aka equivalent marginal utility of each additional unit - something not seen with anything else 3) High stock to production ratio - the nearest is silver. 4) It is the only asset that is used as money by the people of the earth when they are free to chose. I mean that observations of how it is used show that it is the only money. All others are imperfect substitutes as they are lacking in essential or practical aspects or are merely currencies, or a type of promise of payment, contingent on others promises.
I have come to think of money as a ledger of social obligation. People are intrinsically aware of fairness. Giving a gift or doing a favor places the recipient in debt to the giver. This debt creates an imbalance which we can correct with reciprocity and/or gratitude. Money is one way to measure and correct the imbalance.
"Value is not intrinsic, it is not in things," [Mises] argued in Human Action. "It is within us; it is the way in which man reacts to the conditions of his environment."
This shows the fallacy of the "useless person" theories used to justify universal basic income. People have value in themselves and in relation to each other. It is one of the problems of artificial intelligence. An object is difficult to identify outside of it's relation to the observer. Intrinsic value theory is pushing on a rope.
Excellent writing. A BB in the making, with all the wit and verbosity we've come to expect and enjoy.
One clarification. "Comprehend" as opposed to "apprehend" cryptocurrency?
May you have a merry weekend yourself Joel.
Signed, an ex-omnivore.
Thanks, Lucas! You're too kind.
I prefer "apprehend," which can also mean "to take hold of mentally; perceive; understand." It's less common... but (in my subjective opinion) also pretty valuable :-)
https://www.collinsdictionary.com/us/dictionary/english/apprehend
Cheers!
If you haven't read David Graeber's 'Debt: the first 5000 years', I recommend it highly.
That's an excellent piece...Thank you.
Awesome piece!
we the 'dissatisfied' all seem to eventually find our place in this modern connected humanity as you've found in the land of the pampas still down under but underneath them Gringo's rather than under the 'Brits' or now Chinese .. on the other side of the Pacific .. well done amigo!
Haha, yep... a place to rest one's head, at least for now. Cheers!
Wow Joel this is another superb writing! I'm in awe at how the world is...turning. Most Americans don't seem to be aware of what's transitioning but thank goodness I do. I'm 60 yrs and I'm not surprised at what's to come. I look forward to next Sunday already to read more from you.
It is an awe-inspiring show, that's for sure. Until the next Sunday Sesh, cheers!
I always look forward to reading Joel's articles - excellent and well thought out!
Thanks!
Well done!
Any money regardless if its paper,coin or even gold is only worth what someone will give you for it. Check out the movie the Book of Elly. It's an education in intrinsic vslue.
Excellent reco. Will check it out for sure. Thanks!
How funny, that lack of "intrinsic value" was Tom's main argument against bitcoin in one of Postcards about a year ago, where people on hypothetical island were using nails as money.
I would love to read revision of this Postcard with "intrinsic value" argument omitted.
Kieth Weiner of monetary-metals.com ably points out that gold is money because "gold emerges as the thing (commodity) that has the most marketability, which means the narrowest bid-ask spread" It also has several other features not mentioned frequently: 1) Use value has not been addressed. Serious discussion of use value is needed. As a commodity gold has an alternate use - jewelry, electronics etc 2) Its desirability declines the least with each additional units owned, unlike food, oil or water. aka equivalent marginal utility of each additional unit - something not seen with anything else 3) High stock to production ratio - the nearest is silver. 4) It is the only asset that is used as money by the people of the earth when they are free to chose. I mean that observations of how it is used show that it is the only money. All others are imperfect substitutes as they are lacking in essential or practical aspects or are merely currencies, or a type of promise of payment, contingent on others promises.
The best mini analysis of K Marx..plus, the line: He never met a cart he did not want to put a horse behind. Laff'd until I cried....
Loved this essay!
I have come to think of money as a ledger of social obligation. People are intrinsically aware of fairness. Giving a gift or doing a favor places the recipient in debt to the giver. This debt creates an imbalance which we can correct with reciprocity and/or gratitude. Money is one way to measure and correct the imbalance.
"Value is not intrinsic, it is not in things," [Mises] argued in Human Action. "It is within us; it is the way in which man reacts to the conditions of his environment."
This shows the fallacy of the "useless person" theories used to justify universal basic income. People have value in themselves and in relation to each other. It is one of the problems of artificial intelligence. An object is difficult to identify outside of it's relation to the observer. Intrinsic value theory is pushing on a rope.