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The Issue with Third Rate Wealth
While reading the Count of Monte Cristo by Alexander Dumas I came across an interesting section. The immeasurably wealthy Count of Monte Cristo is talking to Danglars the chief banker of Paris. The count remarks that while Dangars fortune is great it consists entirely of third rate wealth and thus it is actually worth half of what it is estimated. Humbled, Danglars demands for the count to explain, and of course he does.
The count explains his theory of wealth as thus;
"I make three assortments in fortune---first-rate, second-rate, and third-rate fortunes.
I call those first-rate which are composed of treasures one possesses under one's hand, such as mines, lands, and funded property, in such states as France, Austria, and England,
I call those second-rate fortunes, gained by manufacturing enterprises, joint-stock companies, viceroyalties and principalities.
...I call those third-rate fortunes, comprised of a fluctuating capital, dependent upon the will of others, or upon chances which a bankruptcy involves or a false telegraph shakes, such as banks, speculations of the day--in fact, all the operations under the influences of greater or lesser mischances."
The Count of Monte Cristo by Alexander Dumas
First rate wealth involving the least level of risk. As the recent financial crash shows third-rate wealth involves the highest level of risk.
I think that getting the dollar backed by some tangible first-rate wealth would be a huge step towards rebuilding our economy, but I am sure that others would disagree. In terms of what is going to be the future of money, I really like the idea of person to person transfers. Remove the middle man (credit cards and banks) each person has an account and I can transfer money quickly to whom ever I please. I think that if systems like this catch on, we would see people transferring small sums of money very frequently for small things like, "hey thanks +1dollar"
This post has lost its way--i will edit it so that it makes sense this weekend.
The count explains his theory of wealth as thus;
"I make three assortments in fortune---first-rate, second-rate, and third-rate fortunes.
I call those first-rate which are composed of treasures one possesses under one's hand, such as mines, lands, and funded property, in such states as France, Austria, and England,
I call those second-rate fortunes, gained by manufacturing enterprises, joint-stock companies, viceroyalties and principalities.
...I call those third-rate fortunes, comprised of a fluctuating capital, dependent upon the will of others, or upon chances which a bankruptcy involves or a false telegraph shakes, such as banks, speculations of the day--in fact, all the operations under the influences of greater or lesser mischances."
The Count of Monte Cristo by Alexander Dumas
First rate wealth involving the least level of risk. As the recent financial crash shows third-rate wealth involves the highest level of risk.
I think that getting the dollar backed by some tangible first-rate wealth would be a huge step towards rebuilding our economy, but I am sure that others would disagree. In terms of what is going to be the future of money, I really like the idea of person to person transfers. Remove the middle man (credit cards and banks) each person has an account and I can transfer money quickly to whom ever I please. I think that if systems like this catch on, we would see people transferring small sums of money very frequently for small things like, "hey thanks +1dollar"
This post has lost its way--i will edit it so that it makes sense this weekend.
Views: 28
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Comment by Amos Meeks on April 15, 2010 at 1:46am
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The thing is that currencies moved off of concrete backings in order to create more wealth. Using something to back money limits the amount of money, and so limits the amount of wealth. Nowadays, we are able to make money out of nothing, and while this does lead to fluctuations and crashes and bubbles, it also leads to more wealth, which has improved the quality of life for many many people.
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Comment by nomadHAR on April 15, 2010 at 2:46am
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currencies moved off of concrete backing to create more wealth FOR THE WEALTHY. try reading a bit about the TRUE history of money:
http://www.urgentevoke.com/profiles/blogs/the-history-of-money-and
the creation of such things as the stock market and interest-based loans has not benefited anybody, especially people in developing nations.
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original link that is referenced: http://www.xat.org/xat/usury.html
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