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MONEY, BANKING AND FINANCE
THE MONEY MECHANISM Thomas Greco ... Transcending the present political money system – the urgent need and the way to do it | |||||||
Link: https://beyondmoney.files.wordpress.com/2021/11/2021-11-hertfordshire-preso.mp4 Burgess COMMENTARY This presentation is very thought provoking. Money is a critical issue and not well understood by the general public and most political policy makers. It is, however, well understood by a relatively few who use money and power to increase their ownership of more money and more power. I stdied engineering and economics at Cambridge University in the late 1950s and subsequently qualified as a Chartered Accountant in London. Subsequently I became a very young CFO in the USA and later did consulting work around the world for the World Bank and the United Nations. I have a considerable amount of experiential learning in addition to my formal education as a young man. The progress that has been made in the realm of knowledge of science and technology during my adult lifetime is impressive. It should be better understood and celebrated. Economics was described as the 'dismal science' when I was at Cambridge, and it deserves that insult even more at the present time (2023) than in the 1950s. I was influenced very much in my own economics journey by John Maynard Keynes together with Joan Robinson, Nicholas Kaldor et al. I became uncomfortable with a lot of the mathematics of economics ... econometrics ... quite early on because economics was so much about people and as such very different from technology and physical science and engineering. Worse ... I did not like the way in which very small amounts of data were used to make huge sweeping assessments of economic performance. A lot of this was aggravated by some of the rules and regulations associated with accountancy and the reporting of business performance. When I first was learning about double entry accountancy, I was struck by how similar it was to the basic analysis that was used in engineering thermodynamics! The big difference was that in engineering there was a comfort level in making the data as complete as possible while in corporate accountancy the data was prescribed according to old established rules many of which were no longer truly fit for purpose. Of these, the framing of business reporting so that it serves the investor community more than anyone else is perhaps the most egregious. The fact that investors have been the beneficiary of almost all productivity improvement over the past fifty years while everything else has degraded is stupidity on steroids Slide image #01 
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