Sunday, April 17, 2011

Money And Soul: The Psychology Of Money And The Transformation Of Capitalism

Time is Money

"People often say that time is money, but perhaps not in the way that the American politician of the 18th century, Benjamin Franklin, originally meant: that it was shameful to 'waste' time - i.e., time that is not used for productive work.

"Time is money in a much more profound way than that. When credit is created, the debt that comes along with it means that we now owe productive time to the financial system. The debt makes claims on our future work. And the interest rate determines how much of our future time is pledged. We could thus say that money is monetisation of the future, in the way that today's money comes about.

"We have borrowed away, mortgaged, our future to the financial system, with interest and compound interest. No wonder we're all busy running around."