The operation of money

Author: Boyle
Publisher:
Publish Date: 2005-01-01
Features: This humorous little handbook tells you where money comes from, what it means, what it's doing to the Earth, and what we might be able to do with it. The Mechanics of Money will make you view everything from your bank statements to the coins in your pocket through a completely new lens. The book includes a chapter on the workings of various forms of currency, many of which are "DIY currencies" created by the author, such as community-based "quasi-currencies" like "Ready-to-Eat Dollars," "Hourly Coins," "Time Banks," and "Green Money." Taking time banks and time currencies as an example, they are ways to create value and restore dignity for those who feel "useless." For instance, people with depression can earn time currency by caring for the elderly; former female prisoners in San Diego, U.S., can use time currency to pay for post-release treatment and care, earning it through mutual care. However, the author's "utopian" view is that if there were only one legal currency in the world, there would be no foreign exchange, no foreign exchange speculation, and trade would be simpler without the need to worry about exchange rate risks, thereby reducing costs significantly. But the author fears that many people around the world may already be on the brink of collapse as the world moves toward this stage.
Observing Money with Different Perspectives
Additionally, the author provides numerous examples to criticize unreasonable globalized phenomena that only benefit wealthy nations, pointing out that the U.S. leverages its image as an "unshakeable" superpower to issue bonds that pay only 3% interest, while poor countries borrowing from the U.S. must pay as high as 18% interest. This means that developing countries are essentially funding the U.S.'s massive deficit. However, the author also expresses concern about the U.S.'s long-term practice of "living on debt," where the government relies on continuously issuing bonds to sustain itself.
The book also explores the mechanics of money from perspectives such as interest, speculation, the underground economy, and spiritual currency. The author highly praises the Islamic financial system's model of replacing interest with equity. In the chapter "Sinful Money," the author points out that the world's largest criminal organization is the "14K" (New Triad) based in Hong Kong, with 47,000 to 60,000 members worldwide.
The book examines the workings of money through many interesting stories while proposing creative models for financial operation, overturning modern and contemporary economic thinking dominated by Western capitalism. It attempts to find an economic model that is more human-centric and sustainable for humanity. Whether or not readers agree with the author's views, reading this book can bring the joy of observing money from a different perspective and broaden one's horizons.