8 quotes found
"the New England natives used neither silver nor gold. Instead, they used the most appropriate money to be found in their environment – durable skeleton parts of their prey. Specifically, they used wampum, shells of the clam Venus mercenaria and its relatives, strung onto pendants."
"Only a handful of tribes, such as the Narragansetts, specialized in manufacturing wampum, while hundreds of other tribes, many of them hunter-gatherers, used it. Wampum pendants came in a variety of lengths, with the number of beads proportional to the length. Pendants could be cut or joined to form a pendant of length equal to the price paid. Once they got over their hangup about what constitutes real money, the colonists went wild trading for and with wampum. Clams entered the American vernacular as another way to say “money”. The Dutch governor of New Amsterdam (now New York) took out a large loan from an English-American bank – in wampum. After a while the British authorities were forced to go along. So between 1637 and 1661, wampum became legal tender in New England. Colonists now had a liquid medium of exchange, and trade in the colonies flourished. The beginning of the end of wampum came when the British started shipping more coin to the Americas, and Europeans started applying their mass-manufacturing techniques."
"Barter works well at small volumes but becomes increasingly costly at large volumes, until it becomes too costly to be worth the effort. If there are n goods and services to be traded, a barter market requires n^2 prices."
"On a larger scale, the Laffer curve may be the most important economic law of political history. Charles Adams uses it to explain the rise and fall of empires."
"Clock time is a fungible measure of sacrifice. Of all measurement instruments, the clock is the most valuable because so many of the things we sacrifice to create are not fungible. The massive clock towers of Europe, with their enormous loud and resonant bells, broadcasting time fairly across the town and even the countryside, rather than the last relics of the medieval, were the first building block of the wealthy modern world. The Europeans evolved their institutions and deployed two very different but complementary timekeeping devices, the sandglass and the mechanical clock, to partition the day into frequently rung and equal hours. Europe progressed in a virtuous circle where bells and clocks improved the productivity of relationships; the resulting wealthy institutions in turn funded more advances in timekeeping... The massive change on the farm, the dominant form of industry, in the 14th and successive centuries from serfdom and slavery to markets and wage labor, was caused not only by the temporary labor shortages of the Black Plague, but more fundamentally and permanently by the time-rate contract and the new ability to accurately and fairly verify its crucial measurement of sacrifice, time. Time rates also became the most common relationship for the mines, mills, factories, and other industries that rapidly grew after the advent of the clock."
"Nevertheless, this nice fiction allowed the United States to avoid creating a real locus of sovereignty by creating a fictional sovereignty to satisfy the Romanists. Sovereignty, under this doctrine, is vested in "We The People." Some of this political power is granted, charter-like, to the United States federal government. The rest is granted (per the 10th Amendment) "to the States, or to the people, respectively" -- that is to each State and to individuals. In reality, political power is distributed amongst the federal government, states, counties, and munipalities, with a variety of enumerated and unenumerated rights that these governments may not infringe being retained by private persons."
"Rug the spammers."
"All banks go bankrupt"