Posted by Herb on February 25, 2009 at 11:14:10:
In Reply to: Money as the root of all evil? posted by John on February 21, 2009 at 05:39:14:
Here are some of my thoughts on money. The introduction of money into the human economy was a vast improvement over bartering. (If my need did'nt match up with your need we were both screwed.) When money became a medium of exchange it speeded up trade because I could exchange my product for money and then I had the freedom to exchange my money for any product that was worth roughly the same value. Money is symbolic, anything can be use for money. The Indians used seashells sewn together (wampum). Money works great if your money represents the full value of your labor. Unfortunately under capitalism that's not the case, because the money we are paid for our labor (wages) is only a small portion of the value of the products we make, ( the suplus value, or profit is kept by the private owner.) In an economic democracy like the one PFANS advocates, our money ( medium of exchange) will be a truly universal medium, TIME. Inherent in every good and service produced by man or machine is the amount of congealed labor time that it took to produce that product. That labor time will be our medium of exchage (money). Without a profit system to encumber us we will be able to exchange our true labor value for other goods and services of equal value. This sounds very rational to me!