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tisonlyi · 03-21-2009, 01:52 AM

I think we're all about to have a harsh lesson on the nature of the web of our social contracts.

Mr Stewart was wrong. The entire economic edifice that has ever been and ever will, no matter the gains it has or will bring us, is at its root a game. There were a handful of people consciously playing the game at the highest levels, but a game they were playing.

Money, even money backed by shiny metals, has no real, intrinsic value other than what we all somehow agree to place upon it. It's only a social contract, though mostly a hidden one.

As we sit here the players, en mass and conscious as well as unconscious, have pushed the game into an irrecoverable position for certain social contracts in the world. Social contracts like the dollar and the pound will either not survive, or won't be recognisable as what they once were not too long from now.

The total sums being magicked into existence to combat the current crisis in loans, bailouts, guarantees and insurance is roaring up towards 100% of US GDP over on your side of the pond, and way over 100%, more like 200% of GDP of the UK over on this side of the pond, mostly through black box entities and schemes that have very little details published, if any.

There's no going back, and there's only a yawning abyss out in front of us - for the social contracts.

03-21-2009, 01:52 AM	#16 (permalink)
tisonlyi Nothing	I think we're all about to have a harsh lesson on the nature of the web of our social contracts. Mr Stewart was wrong. The entire economic edifice that has ever been and ever will, no matter the gains it has or will bring us, is at its root a game. There were a handful of people consciously playing the game at the highest levels, but a game they were playing. Money, even money backed by shiny metals, has no real, intrinsic value other than what we all somehow agree to place upon it. It's only a social contract, though mostly a hidden one. As we sit here the players, en mass and conscious as well as unconscious, have pushed the game into an irrecoverable position for certain social contracts in the world. Social contracts like the dollar and the pound will either not survive, or won't be recognisable as what they once were not too long from now. The total sums being magicked into existence to combat the current crisis in loans, bailouts, guarantees and insurance is roaring up towards 100% of US GDP over on your side of the pond, and way over 100%, more like 200% of GDP of the UK over on this side of the pond, mostly through black box entities and schemes that have very little details published, if any. There's no going back, and there's only a yawning abyss out in front of us - for the social contracts. __________________ "I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}-- Last edited by tisonlyi; 03-21-2009 at 02:16 AM..