The financial system is undergoing continuous reorganization. Governments, central banks, and international organizations are taking various steps to deal with financial instability and to stimulate their economies. Sometime these steps are contradictory, and sometimes they are inconsistent, but they give a general idea about the direction in which the financial system evolves. Can we, at … Read more

Maturity of the Society: Reserve and Risk Currencies

In today’s world, money has no “inherent” value—that is, it has no useful properties other than absolute liquidity, which enables people to obtain anything of value into ownership. Modern society creates money at its own discretion, without being tied to reserves of gold or any other commodities that need to be obtained. This type of … Read more