The Monetary System and The Collective Subconscious

By Alar Tamming

The term “subconscious” is common in psychology. Without unnecessarily elaborating, the topic of the so-called “uncomfortable subjects” falls in the category of the subconscious. Uncomfortable subjects are those that people do not wish to deal with, because they create a feeling of uncomfortableness that fractures peoples’ worldview and forces them to reconsider their beliefs.

The subject of money is one such topic that currently weighs heavily on the global collective subconscious. Apparently, in all nations and cultures, people are perfectly comfortable with the idea that money is a little colorful piece of paper with a picture of a king or president. People don’t dwell on the nature of money, much less on the nature of our monetary system. Most people do not ask questions about how money is created; whether it should be a medium of exchange or a store of value; whether it should be a piece of paper or a commodity.

Another topic that isn’t discussed is related to currency and banking crises. Why? The Nobel Prize for Economic Sciences has been handed out to 64 “economists”, but none has contributed to understanding the banking system or has explored the banking processes. Why is that? The answer is surprisingly simple: because the current banking system contradicts the basic laws of logic, nature, and economics; because it is not sustainable in the long run. A financial system with a daily turnover of transactions exceeding annual global trade contradicts common sense and the time-honored principles of traditional banking.

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