Occasnl Trvlr says:
“Level Playing Field” & “Debt Jubilee”
Considering the temporal realm, what does “wealth” consist of? For anyone answering something like “lots of cash,” or “money in the bank,” thanks for playing, and you get no consolation prize. I doubt that very few, if any, readers of WHA’s blog would have given such an answer; we see through the false promises of fiat currency.
Gold, silver, energy (oil and gas), farmland, real estate, water rights, mineral ores, machinery, patents; these are better measures of, and stores of, actual (temporal) wealth.
Let’s look at gold as an example. (I’m going to play a little fast and loose with the numbers, but they’ll be close enough to make the point.) The amount of gold known to have come from the Earth is somewhere in the neighborhood of 150,000 tonnes. So let’s start with that, throw in the 170,500 tonnes that Karen Hudes talks about, and then just for fun, let’s throw in another 50,000 tonnes. That would give us a wholly-unprovable, generously-high, world-wide estimate of a total of 370,500 tonnes.
Now, let’s level the playing field. Given the estimate of some 7.2 billion of us on Earth, we each end up with about 1 and 2/3′s troy ounces of gold. I would be delighted to receive 1 and 2/3′s ounces of gold; it is nothing to sneeze at. But I daresay, I don’t see that as a life-changing windfall for most people living in the developed economies.
The same is true of any measure of actual wealth or value: all of it (including generous estimates of any hidden wealth), spread out throughout a truly level playing-field, doesn’t add up to a life-changing windfall for anyone except the world’s desperately poor. And, remember, for such a theoretical exercise as I did above, the assets aren’t added to what each person already owns; everyone who owns anything loses everything first, so that everything can be evenly redistributed.
Want to go a step further, and disannul all debts through a debt jubilee? Keep in mind, in this cursed fiat-currency world we live in, every unit of currency that is anyone’s asset is someone else’s liability. Any “money” anyone has saved in a pension, IRA, bank account, savings for education, or stuffed in the mattress, instantly becomes worthless. It’s axiomatic, currency cannot exist without debt: relieving everyone of their debt would dissolve the underlying obligation behind every existing unit of currency.
Thinking that a “level playing field” or a “debt jubilee” is in order? Everyone should be fully aware of what they are hoping for.
Thank you, WHA, for the blog!