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|Slogans P Panauto to Push sorted 26 3 09|
PANAUTONOMY: Autonomy for everyone, to the degree he desires it, independent of territorial laws, under personal laws, respecting the exterritorial autonomy and personal laws of others in other volunteer communities. - J.Z., 19.9.04.
PANCAPITALISM: There has even been some hesitant interest in management circles in participation. Probably the best-known “participation” program advanced from the management side has been the “pan-capitalism” of Marcel Loichot – distinguished from Western “oligocapitalism” and Eastern “monocapitalism” – which he has described in great detail. The basic ill he seeks to combat is familiar: “The economic alienation of the worker is the root of all the essential evils of the world.” – This could be altered in a system where, with only minor changes, “the worker would become ipso facto capitalists by receiving shares in their enterprise.” – David Jenkins, Job Power, p.151. – Receiving? They should be motivated to buy them, on terms, in a proper and business-like take-over bid! – J.Z., 15.2.08. – See: PURCHASE OF ENTERPRISES, & CAPITALISM
PAN-COMMUNITIES: Voluntary communities under personal laws, not confined by territorial constitutions, laws, jurisdictions and institutions, covering all countries, continents and the world, intermixed, overlapping and yet separate from each other, like the various churches and sects are. - J.Z., 19.9.04.
PANIC: Be most alarmed when the government states that there is no cause for alarm. - J.Z., 74.
PANIC: Don’t panic” – pleads the P.M. – Why not, with him in power? – J.Z., 29.8.74. - JOKES
PANIC: If you can keep your head when all about you are losing theirs, it is just possible that you haven’t grasped the situation.” – Jean Kerr, introduction to: “Please Don’t Eat the Daisies”, 1957. – Calmness, in some situations, is just as useless as panic is, especially when the IBM’s are on their way. – We should not calmly and all too complacently continue to accept the decision-making power of a few men over the continued existence of mankind. Some anger and other emotions should be involved and motivate us into undertaking sufficient foresight, discussions and the taking of preventative steps. – J.Z., 20.6.92, 23.3.08. - Compare the apathy even towards the nuclear war threat. – Compare: “Don’t panic!” – “Keep your cool!” – “Don’t take it too serious!” – “She will be all right!” etc. – Rightful and rational responses to real dangers are still all too rare. – J.Z., 1.4.08. - CALMNESS, KEEPING COOL, SELF-CONTROL, JOKES, NUCLEAR WAR THREAT, APATHY, IGNORANCE
PANIC: Panicky governments are more dangerous than panicky crowds. – Except when they resign or do nothing. Panicky “positive” action for the sake of action, is what is to be feared of them. – J.Z., 20.5.92. – Including e.g. the button pushing that would start off a general nuclear holocaust. – J.Z., 2.4.08.
PANICS & GOVERNMENT ACTIONS: We need a new kind of panic reaction, namely, whenever the people hear anything of a new government action. – J.Z., 30.12.93. – However, there are so many new government “actions” that then many people would soon die from nervous exhaustion. – J.Z., 15.2.08.
PAPER GOLD: A) Exclusive gold coin and gold certificate currency, whose paper gold certificates are 100% or fractionally covered and more or less at any time convertible, by the issuer, into part of his gold holdings, upon demand by the gold certificate holder. B) Then there is the misnamed Gold Exchange Standard, in which gold is largely held and exchanged only among central banks, at rates more or less arbitrarily fixed and changed by them. Their gold price towards the general public is a gold purchase not a gold sales price. Gold as a value standard is fictitiously upheld but, in reality, destroyed and replaced by a paper "value standard", that is given legal tender power. Gold certificates and other sound exchange media are outlawed. C) Gold-clearing and gold account standard and currencies: The issuer is not under convertibility obligation but promises and is merely induced to uphold, as far as is humanly possible, 3 things: (1) He expresses a gold weight value on his notes and keeps this exchange medium at par with its nominal gold weight value, at least locally. (2) That is in his power to do, if he ( and his associates or debtors ) have between them a sufficient assortment of daily wanted consumer goods and services and do accept his notes in all payments due to them, as if they were gold coins of the same gold weight expressed in his notes and in his prices. (3) The issuer obliges himself formally ( actually, it is his natural moral and also juridical obligation to do so) to accept his own notes at any time at par with their nominal gold value. Only to that extent do his notes have legal tender power - towards him. In general local circulation they are subject to free market rating, i.e., discounting and refusal, and will thus be generally accepted only while he keeps them at par with their nominal gold value. To achieve that, he will probably oblige his debtors to accept them at par as well, as part of their debt contract. - Thus he can assure the issue, circulation and reflux of his paper money, as good as gold. - No one should be prohibited to try to do so and to imitate his successful example. The discount of such notes should not be prohibited but, rather facilitated and well publicized, a) to make him unable or unwilling to issue still more notes while the discount lasts, b) to keep the discount as low as possible, c) to encourage all his remaining debtors to accept or even buy up depreciated notes and rapidly pay their debts to him, with them, thus withdrawing the discounted notes and abolishing the discount. - In case No. 3 the convertibility of paper money is transferred from the local issuer to the local agents of the world gold market, whose gold reserves embrace all gold reserves. Gold weight units are then mere accounting units or value standards and do not directly, by their quantity and local convertibility by the issuer, determine the quantity of exchange media in which they are used as value standards. But the pari-stand of the notes indicates that notes are not yet over-issued while a local discount, even a small one and in some quarters only, indicates that they may already be over-issued. This fact and its rapid public reporting would stop further issues and acceptances, at least for a while. Moreover, all prices, wages, salaries, rents, fees, pensions etc., marked out in gold weight units, could not be inflated by a somewhat depreciated optional currency of this kind, because, if at all, then it could be accepted, in general circulation, only at its discount, leaving the gold weight marked prices, etc., unchanged. Case 3 is usually neglected in discussions of the gold standard, although it has all the advantages and none of the disadvantages of the "classical" gold standard. It can be practised in any country, whether it has goldmines or not, whether its trading partners pay it in gold coins or not. Independent of the quantity of gold available locally or in the world, it would permit any quantity of goods, services, labor and capital to be freely exchanged at free market prices expressed in gold weight units. In an extreme case, the producers and traders and workers in a country would not have to possess, between them, a single gold coin. Nevertheless, they could freely exchange all they want, using gold weight unit prices for all their goods, services, labor and capital. They would merely have to observe the free market pricing of gold in some of the foreign gold markets. However, for the smooth functioning of the system and to establish and maintain its believability, it would be desirable if at least a few gold coins changed hands every day in every trading centre. Seeing is believing. Abstract gold weight accounting is not convincing enough for many, although it would be able to supply them e.g. with their daily bread, milk and butter. - J. Z., 11.5.97. – GOLD WEIGHT CLEARING OR ACCOUNTING STANDARD VS. TWO OTHER KINDS OF GOLD STANDARD.
PAPER MONEY: "A loan to an armed robber." - Mirabeau. - For decades all people understood under paper money the usual abuse of good paper in form of legal tender paper money. Often this was also the exclusive currency, since the coinage prerogative was mostly extended into a note issue monopoly, at least for non-convertible notes. Notes convertible into rare metals were not considered as fiat money or paper money but as gold certificates or gold receipts with a real commodity backing. -J. Z., 15.5.97. Paper money without legal tender ( compulsory acceptance and forced value ) and without metallic redemption was largely left out of consideration, although it would be optional, refusable, discountable, market rated and would need a very good foundation and good reflux arrangement to circulate at least local at its nominal value, expressed in one or the other freely chosen value standard, most likely a gold weight unit. Those insisting on metallic redemption by the issuer largely ignored this alternative, although the pricing of goods, services, labor and contracts in gold weight units would be involved and the money tokens would be accepted by the issuers as if they were corresponding gold coins and in general circulation they would thereupon at least locally widely accepted, but, usually, only be accepted if kept at par with their nominal gold weigh value. Any discount arising would lead to refusals to accept it – and to debtors of the issuing centre buying up the discounted notes and paying their debts with them, rapidly. Thus the system would be automatic and self-limiting, not inflationary, although conversion into gold would only be possible on free gold markets not at the issuing centres. Shares and bonds, for instance, are not valueless, either, because they are mostly not redeemable by their issuers in gold or silver. Standardized money token can be and have been kept at their nominal gold weight values for long periods in many cases, that should not be forgotten or ignored in favour of the primitive gold redemption model, which would permit only a limited issue of sound exchange media and prolong the deflationary condition that existed while only rare metal coins were allowed as exchange media for all larger payments, i.e. apart from small change tokens. The demand for means of payment, e.g. by taxation and by consumer goods and services ready for sale, when tax authorities have issued tax foundation money or shop associations “shop foundation money”, can give mere paper money tokens a par value with gold weight units and supply a local economy with enough sound exchange media to make every desired exchange monetarily possible. Already Adam Smith pointed that out for tax foundation money. But “gold bugs” still ignore that option, because they do not understand it. It does not fit into their primitive model for sound money. – J.Z., 20.4.08.
PAPER MONEY: … the introduction of paper money provided governments with an even cheaper method of defrauding the people.” – F. A. Hayek, Denationalization of Money, p.28. – It was not the introduction of paper money which gave them this chance but the introduction of “legal tender”, i.e., compulsory acceptance at a forced value, combined with the note issue monopoly. Otherwise, they would just have been competitive issuers and acceptors of their own notes and could not have issued more of them than were required for their payment circles, e.g. tax foundation money, clearing their tax claims against their governmental expenditures. – J.Z., 15.2.08. Paper merely gave the practitioners of monetary despotism – central banks, with a note issue monopoly, the chance to inflate their forced and exclusive currency more cheaply than they could before, under metal coinage. – J.Z., 15.2.08. – Optional, competitive, market rated and refusable paper notes could not be inflated. The would be refused and widely discounted if the attempt were made – and only the issuer would still have to accept them at par. – With them issuers and acceptors would also practise free choice of value standards. And under that condition Gresham’s Law in the popular version would be reversed: The good money would drive out the bad. – Private money issues are not automatically presumed to be mere “fiat money”. Only government can, have and do issue fiat money. - J.Z., 10.4.08. - LEGAL TENDER, CENTRAL BANKING, INFLATION, GRESHAM’S LAW.
PAPER MONEY: … we know that there are all kinds of other possible sorts of money, not least paper, which government is even less competent to handle and even more prone to abuse than metallic money.” – F. A. Hayek, Denationalization of Money, p.22. – GOVERNMENTS, MONETARY DESPOTISM
PAPER MONEY: A sound paper money can only be developed and maintained under free competition with other kinds of money. Let the good money drive out the bad. Then cheap, plentiful and at the same time sound ( as good as gold or even better ) paper money, reckoning in gold weight units, but not promising its redemption, by the issuer, in gold weights, would tend to drive out, as well, the 100% or fractionally covered gold certificates convertible into gold, fully or less so, by their issuers. However, some are slow learners. Among the gold bugs exclusive gold coin and gold certificate circulation and gold weights as an exclusive value standard, would tend to persist, possibly for years, in their own private or cooperative payment communities. They do have the right to establish these for themselves - and to leave them once they have learned about better solutions. - J. Z., 11.5.97. – PAPER MONEY AS GOOD AS GOLD
PAPER MONEY: After nearly half a century of experience of this phenomenon, it is time to recognize the inherent error and to realise that while the State can manufacture and circulate paper-money, the rest of its new powers operate to discourage every other sort of production. - Sir Ernest Benn, The State the Enemy, p. 21. - Especially the power and abuses of Legal Tender and of the issue monopoly for paper money do discourage production. - Optional and free market-rated paper money, freely issued by all who can and freely refused or discounted by potential acceptors ( except the issuers themselves ) can neither cause inflations nor deflations nor stagflations but can prevent all three phenomena. - J. Z., 6.4.08.
PAPER MONEY: Difference between voluntarily accepted and enforced paper money. Much as all historical experience appears to justify the deep mistrust most people harbor against paper money, it is well founded only with regard to money issued by government. Frequently the term “fiat money” is used as if it is applied to all paper money, but the expression refers of course only to money which has been given currency by the arbitrary decree or other act of authority. – Hayek, Denationalization of Money, 84/85. - LEGAL TENDER & INFLATION, FIAT MONEY, MONETARY FREEDOM VS. MONETARY DESPOTISM
PAPER MONEY: Forced and exclusive paper money by governments with legal tender power. That kind of “money” is valid or “valuable” only through governmental despotic commands and through governmental extortions like compulsory taxes. Thus its value becomes constantly further depreciated, sometimes even reduced to that of the paper that it is printed on. In between, it causes money shortages because competition with it is outlawed and it has no inbuilt measure to assure and maintain the amount of circulation that is required to easily achieve all monetary exchanges that are possible and wanted. – J.Z., 25.9.06, 26.10.07. – It should be clearly distinguished from privately and competitively issued paper monies that employ a sound value standard, are freely market rated against it, have a sound readiness to accept foundation, an immediate and short term total reflux option and are discountable and refusable by all but the issuers and, by contract, his debtors. – J.Z., 7.3.09. - PRIVATE & COMPETITIVE AS WELL AS OPTIONAL AND MARKET RATED PAPER MONIES VS. PAPER MONIES OF GOVERNMENTS, WITH LEGAL TENDER POWER ( COMPULSORY ACCEPTANCE & FORCED VALUE )