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I think the real problem is bad management.


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Again - I believe that Maduro is incompetent (I think he was a bus driver or something). I also think he is a tool of the military which is completely corrupt. "Bad Management" is a serious understatement!

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Why would money be a part of a Socialist economy?


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?

Why wouldn't it?


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It's pretty lame Socialism to need Capital to operate. A proper Socialist State would give everybody what they need and take whatever it needs to keep the trains running, etc. What would money be used for? (Unless it wasn't really Socialism...)

Last edited by logtroll; 06/14/21 12:12 AM.

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Socialism doesn't need "capital", but it needs money. Commerce must go on!

A socialist system could easily be cashless, but cash is handy to have around. I think we're kind of rapidly evolving away from it though.

Just like we're evolving away from Capitalism


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Cash is just a very handy way of keeping track of everybody's contributions. You could do without it by keeping track with a huge database, Those are essentially what we already have with automatic deposits and credit card bills. Not keeping track of it somehow, is a recipe for disaster. Human beings are not perfect, honest, angels!

Each giving to their ability, and taking according to their needs, doomed Communism right from the start. Nobody is that altruistic, even if they think they are.


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The really interesting thing here is that debt is a more prevalent currency than money is, by an order of magnitude!

I wonder what the consequences of debt hyperinflation are? Or would that be hyperdeflation?


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Quote
debt is a more prevalent currency than money

No sir, credit is a more prevalent currency than money. One is not the same as the other.

There is extension...and then there is overextension.


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Originally Posted by Greger
Quote
debt is a more prevalent currency than money

No sir, credit is a more prevalent currency than money. One is not the same as the other.

I'm drawing a blank on examples. All I can think of is people with mortgages who have very little savings in the bank.

There is also the weird thing that banks can loan something like thirty times more money than they have in deposits.

But please forgive me, I have had two vodka tonics and just finished with a deposition training session, so my brane is in some degree of flux (or flucks?).


You never change things by fighting the existing reality.
To change something, build a new model that makes the old model obsolete.
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