Participants: Amy, Maggie, Fanny, Stacy, Angela
Concluding statements:
I must say what I learned in this article. This article made me have more orgainzed clear idea of how the monetary system works, and solves some questions of why bank failed, gvt failed, and why our economy becomes so terrible. And the most interesting thing I learned is the story of Jewish law, how the Catholic Church made interest illegal, and so that's one reason why some people hate Jewish people so much. (because the Jews were the moneylenders, and charged interest)
I think I'm so surprised that the money base and the circulating money is 10 times of the money base, because I never thought about this question before. I always thought, yes, the bank and the gvt will have so much money to circulate in the economic system. so I know that why the economy will collapse, or decrease, because they created a virtual economy system, that's not equal to the real money, or real economy. So I'm very shocked, and I learned about that. The other thing is, I still have some question about the, how do we know that the value of the currency. Because I wonder if the US gvt printed more and more money, how wouldn't that solve things!
But Fanny answered that question!
But I still don't understand. How do we know that the product is less value, how does the value of things go up and down?
You know, I have nothing to say, because this is all greek to me. You know, most of the time in this discussion, my brain went blank, tonight. I just couldn't concentrate on this, it's just too difficult for me.
So just tell us anything you understood, that's the task here.
Ok, I understoood, the whole economy is a lie. And then, now I worry about my money…
Does it have any value?
…so should I go and spend all my money, the value is not as I thought. And I worry about my fund…
Don't worry!
…why not?
because we will all die eventually! If we die before the system collapses, it's okay!
Ok, so I'm the last one. And as an economic idiot, it's really a difficult topic for me. Even if we discussed it in Chinese.
But I still learned a lot from the discussion. I learned how the human economy works, and that our money system is a lie, and finally, if our economic system continues to grow so fast, and so unreasonable, then our economy will collapse and cause inflation. And finally I"m still curious about the outcome, the end, and how will the new system works! I think I will go back and google some economic article to read.
Some notes from the discussion:
I think even the economic expersts don't really understand.
Do they not know about the 10 and 90 percent works, or they think it's not important?
I think it's becuse it's so compllicated, so they can't grasp it.
I think no expert has a good idea about how the economy will be reasonably balanced.
Or how the economy will go.
You can't go back. Because nobody wants to live in poverty. Someone said the world has to collapse and rebuild, but how can we do that? The gvt is printing money to support the weak economy, but we have to find a way to change it gently.
100,000 one hundred thousand
1,000,000 one million
10,000,000
100,000,000 one hundred million
1,0000,0000
1,000,000,000 one billion = 10億 (10,0000,0000)
700,000,000,000 seven hundred billion = 7,000億 (7000,0000,0000)
1,000,000,000,000 one trillion
赤字=deficit
Just seeing the number isn't as shocking.
Aristocracy = special people who are just under kings and queens, but kings and queens can marry them. You can only be aristocracy by being born into it.
royal = kings and queens
We have little control over outsourcing activity.
a bank run
a run on the bank
= everyone takes their money out at the same time, bank goes bust
