what if the world’s currency were based on “a loaf of bread”.
There’d be no inflation. A loaf of bread is a loaf bread.
economists and bankers may argue with me with fantastic arguments about how i don’t understand the macro economic dynamics. but all that complicated talk is a well-developed screen to deflect the growing realisation that the current dominant economic system that our world has given itself to is fundamentally flawed. not only is it doomed to collapse (and recollapse) - but it is also a complicated system of ensuring that powerless people stay subservient to the most powerful. it is fundamentally enethical.
I first began to reflect on the nature of the economic system we are all subservient to as the crisis in Zimbabwe deepened. As the economy of Zimbabwe dipped and inflation worsened, the signs were there (according to all the fundamentals of economic speak) that there would be a melt-down and that the economy would bring everything to a halt. But things carry on. The government prints money. not recommended by economists who need the integrity of “currency” to be upheld. But Bob prints money all the time. And things carry on. Inflation has reached the hundreds of millions percentile. It’s beyond sense. everything should be grinding to a halt. But things carry on.
well trained in the religion of market capitalism (as i am) I assumed there must be a point at which all these factors cause everything to come to a halt, and Bob would have to bow to the forces of the market. But he hasn’t. And that’s because Bob knows something that few of us have realised.
That a loaf of bread is still a loaf of bread. The market can use it’s language to “tell” us that the “value” of a loaf of bread has gone “up” (inflation), but in reality we know that the $1 loaf of bread we ate yesterday and the $2 loaf of bread we ate today is exactly the same. it’s real value remains the same.
so i ask, what if the world’s currency were based on “a loaf of bread”?
It’s sad that the dominant economic system is so all-prevailing and has it’s tentacles so deeply in our lives - that we are so deeply invested in this system that any attempt to think sensibly about economics - and the value of things - will be dismissed as the talk of crazy wierdo liberal “communist ” extremisits. “They probably don’t even believe in GOD!!!!” …and side-lined along with talk of aliens and the illuminati.
And so the system carries on… well protected by it’s self-supporting principles of greed, aquisition, money-for-nothing, quick profits and world economic crises leaving the poorest of the poor without a pension…
i can’t win an argument. but i can ask the question. when your “investments” lost a third of their value last month (in the period of about 3 weeks) who said? who says your “investment” is suddenly worth less? and who is benefiting from that “loss”?
economists will blame “the market”. but just press pause on that simplistic answer and interrogate the system for just a moment: if the market crashes and everyone loses, why would everyone support that system with such faithfulness??? think about it…
simple, everyday, ordinary, (often poor) people are being raped by a system that allows 3 single individuals to acquire more wealth than the GDP of 45 (25%) of the world’s poorest countries.
The chart to the left shows the balance of consumption: that 20% of the worlds people consume more than a quarter (76.6%) ofd the share, leaving just 1.5% for another 20% of the world’s population.
Let’s not buy into simple lies. “The market” is not deciding who gets what and how much. Powerful people are able to use the market to their advantage, leaving other human beings to starve and rot. It’s way past time to take stock and reconsider…