In response to letter writers who would invoke “logic” to sort out the current economic status. I would refer them to a recent PBS “Frontline” program addressing the problem. In this it was clear that the current world wide monetary system is flawed and so complicated that very few people. if any, fully understand how it works. Something must be drastically wrong when countries such as Greece, Spain and Italy (and very nearly the USA) can go “bankrupt.” The creation and flow of “money” in this system is determined by a multitude of factors and financial “products” (like derivatives) which are difficult to comprehend and control. “Money” was originally conceived to ease trading. Before it came about bartering was the means of exchange but, with the increase in goods and services, this became cumbersome. However, things have gotten out of hand. Instead of money being the background flux on which the goods and services flow, it became a “product” in itself. Now goods and services are the flux on which money flows. The answer in principle is simple. The real wealth of a nation is in its human and natural resources. Put these to work in building, manufacturing, doctoring, nursing, road making, etc., and money will be supplied to distribute the proceeds. In other words, wealth will be created by putting all resources to work and relegating “money” to its previous subservient position. But, alas, this will never happen. The current system has its well-established priests and temples that skim off billions of dollars in profit and so would never agree to any controls, let alone radical restructuring. Unfortunately, this is the system we now depend upon and, although it must have logic, the logic is beyond human comprehension.
Roger Sayer
Mukilteo
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