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The Veil of Money

April 26, 2016

Quote, ” A deeper understanding of money could have prevented the Great Recession which followed.”

OMG, why then do you wish to discuss, What you know is wrong ?
OMG, why not…”A deeper understanding of money”?
OMG, could a deeper (read simpler) understanding of money prevent recessions?
OMG, Frederick Soddy writings, namely “The Role Of Money”
(Entire book as a free download…

This book attempts to clear up the mystery of money in its social aspect. With the monetary
system of the whole world in chaos, this mystery has never been so carefully fostered as it is to-day.
And this is all the more curious inasmuch as there is not the slightest reason for this mystery.
This book will show what money now is, what it does, and what it should do. From this will
emerge the recognition of what has always been the true role of money. The standpoint from
which most books on modern money are written has been reversed. In this book the subject is not
treated from the point of view of the bankers as those are called who create by far the greater
proportion of money but from that of the PUBLIC, who at present have to give up valuable
goods and services to the bankers in return for the money that they have so cleverly created
and create. This, surely, is what the public really wants to know about money.

It was recognized in Athens and Sparta ten centuries before the birth of Christ that one
of the most vital prerogatives of the State was the sole right to issue money. How curious that
the unique quality of this prerogative is only now being re-discovered. The” money-power ” which
has been able to overshadow ostensibly responsible government, is not the power of the merely ultrarich, but is nothing more nor less than a new technique designed to create and destroy money
by adding and withdrawing figures in bank ledgers, without the slightest concern for the interests of
the community or the real role that money ought to perform therein.
The more profound students of money and, more recently, a very few historians have realized
the enormous significance of this money power or technique, and its key position in shaping the
course of world events through the ages. In this book the mode of approach and the philosophy
of money is expounded in the light of a group of new doctrines, to which the name ergosophy is
collectively given, which regard economics, sociology, and history with the eye of the engineer
rather than with that of the humanist. It is concerned less with the details of particular schemes
of monetary reform that have been advocated than with the general principles to which, in the
author’s opinion, every monetary system must at long last conform, if it is to fulfil its proper role
as the distributive mechanism of society. To allow it to become a source of revenue to private issuers is
to create, first, a secret and illicit arm of the government and, last, a rival power strong enough ultimately
to overthrow all other forms of government.”

***** “Believe nothing merely because you have been told it…But whatsoever,
after due examination and analysis,you find to be kind, conducive to the good,
the benefit,the welfare of all beings – that doctrine believe and cling to,and
take it as your guide.”- Buddha[Gautama Siddharta] (563 – 483 BC),
Comments by Justaluckyfool ( )(

WEA Pedagogy Blog

Many leading economists have come to agree with Nobel Laureate Stiglitz that modern economic theory represents the triumph of ideology over science. One of the core victories of ideology is the famous Quantity Theory of Money (QTM). The QTM teaches us that money is veil – it only affects prices, and has no real effect on the economy. One must look through this veil to understand the working of the real economy. Nothing could be further from the truth.

In fact, the QmoneymoneyTM itself is a veil which hides the real and important functions of money in an economy. The Great Depression of 1929 opened the eyes of everyone to the crucial role money plays in the real economy. For a brief period afterwards, Keynesian theories emerged to illuminate real role of money, and to counteract errors of orthodox economics. Economists believed in the QTM, that money doesn’t matter…

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