essays
Reflections on Money
by Kianga Daverington
September 1, 2020
This essay, written by Kianga Daverington of Daverington PLLC , was originally published in January 2020. The piece as been condensed for clarity.
Money is not a physical object like a coin, a bar of gold or a dollar bill. Money is at its core, a technology. It is a human invention designed to solve a specific set of human problems. Consider money, perhaps, in a new way. Think of money as a system for capturing time.
Time is the one thing we each have that is absolutely finite. We are born, we die, and the dash in between is all the time we have.
Think of production. We can usually produce more of some good by adding people to a task (also known as “WORK”). But we are still constrained by time. Whatever we produce is still limited by the amount of humans that can be organized to go into that production. Each of us possesses a limited amount of time available to us individually, so we need to convince or coerce others to add their time to ours if we want to achieve more than we can alone.
Out of this imperative, nations are born.
The most important quality of any particular form of money is how well it preserves the value of time over time. Can you buy the same amount of stuff or more in the future than you can buy today? If yes, congratulations - your money is accumulating time for you and future generations while you relax on the beach. If it takes more and more of a unit of money to buy the same amount of time in the future, well then I’m sorry, but that unit of money is getting weaker and weaker. It’s losing value or said another way – it’s losing purchasing power. The longer you hold it, the less it buys.
In a way, by purchasing goods and services, you are purchasing time. Every product and every service requires time to make and time to deliver - your time and/or someone else’s. The price therefore reflects the collective value of all the time put in. Money is a way we exchange time and move it around from where it is valued less to where it is valued more.
This is where prosperity comes from. It comes out of how well a society, collectively and each person, spends its time. How much time is spent creating and making? How much time is spent consuming? If we make more than we consume, we have something left over called wealth. If we consume more than we make, we are left with debt. You can’t consume what you don’t have, unless someone extends credit. Where does this “credit” come from? Basically –it’s made up.
Too much credit or debt eventually collapses and everyone is mixed up in the collapse.
If we understand that a unit of money represents a unit of time, and we understand time is limited, then a unit in a system of money with unlimited supply cannot have any value. This is the problem we are facing today with the world’s money supply. The supply of money in the world is increasing exponentially as central banks create money by giving loans to national governments, which is where our money comes from.
Our entire world financial system is a powder keg of debt.
National currencies today are known as fiat money, a currency without intrinsic value that has been given its power to be used as money by a government that says it is money by regulation. Wikipedia says, “Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value.” Well said, Wiki.
A government’s job of maintaining the value of its national money boils down to a confidence game. On what basis do the people who use that government’s money believe it has value?
What happens to the money and those who hold it when the foundation of that belief begins to crumble?
essays
This Is My Activism
by Simone Askew
September 28, 2018
It was the night of the Presidential Election, and my roommate and I were watching on our government-issued computers as the results were updated. The next President of the United States was announced and immediately there were thunderous cheers and yelps throughout the barracks. Two cadets on scooters pushed their way up and down the hallways making known their enthusiasm with the results. At the same time, shreeks with more depressing undertones filled the already crowded airspace. As I remained silent and observant, I struggled to find my own voice in the midst of these two dichotomous responses.
The Department of Defense outlines strict guidelines that uniformed service members must follow in Directive Number 134.10. This fifteen paged document lists everything that is acceptable and unacceptable in terms of political activities. Of these, the rules concerning prohibited political behavior are perhaps the most relevant in today’s politicized environment. These guidelines and their justifications have always been clear to me. They exist to ensure that an officer’s personal beliefs do not get in the way of her duty, and that her loyalty to the military surpasses all political differences.
Since our responsibility is to defend the United States Constitution, we can not allow the dynamic fluctuation of politics to influence our commitment to our mission or ability to defend our nation’s people. Therefore, remaining apolitical when in uniform is fundamental to maintaining professionalism and respect within the Armed Forces. This clarity, however, does not mean that execution of these requirements is as simple. The struggles that I often face come not when I am in uniform, but when I am out of it.
As an Army Officer, a Christian, a woman, an African-American, and so much more, I have a hard time finding my voice in this era of activism. I see friends marching in seas of passionate protestors. I see my church preaching the necessity of love and compassion. I see my younger sister struggle with racism in the world she sees around her. I see my friends leave on deployments and hope that care packages are enough to make them feel closer to home. I see, and have seen, all of these things from my isolated barracks room and wonder how I am making a difference. How can I be an activist in the 21st century?
While not all of the central issues today are at first glance political, a majority of them have been woven into political campaigns, political statements, and even political social media. It is virtually impossible to separate social issues from political ones and even harder to have an opinion without appearing partisan. So, as a black woman who considers the Army profession a guiding force in her life, how do I express my beliefs without leaning toward one side of the isle?
I battled with this question ever since the night of the election, wondering how I would handle myself in a time like this. Since then, answering it has only become harder. From Charlottesville to the National Anthem, the Second Amendment to immigration reform, incarceration to abortion, there is no shortage of multifaceted concerns in today’s world. What makes it even more difficult is that, while my inclusion in the military demands that I express no political opinion while in uniform, my gender and race often beg me to take a stand. The easy solution might be to simply obey the military guidelines that restrict me only when I am in uniform and then flip the switch after the duty day when the uniform comes off, a modern version of Disney Channel’s Hannah Montana. If only putting on a blonde wig and jamming out to “Nobody’s Perfect” was all I had to worry about.
One way that I have answered this question is by reconciling that activism has and still does come in so many forms. There are political leaders, community volunteers, university clubs, donating couples, praying men and women, public servants, and so many more profiles of people defending what they believe in. At West Point, I felt as though my inability to mirror these profiles of activists that I saw most meant that I could not be one myself. That could not be further from the truth.
I believe that the way that I embody activism is by protecting the space it exists in. The purpose of the U.S. military is to support and defend the freedom and security of the American people. This freedom makes it possible for people to disagree, it makes it legal to march for what you believe in, and it makes it normal to vote in democratic elections. This freedom allows us to struggle and progress through the American experiment, to fail in so many ways but to succeed in so many more. Though we are a work in progress, it is our Constitution that gives us this liberty to try toward a better tomorrow. Regardless of the ebbs and flows of American politics, it is this Constitution that I fight to defend.
This profession defines my distinctive form of activism and enables me to safeguard the space for others to fight their fight. A sense of duty to the American people and a commitment to protecting and bettering this country: these are the ways that I live out my activism. Trust that I will forever pursue these principles, and hope that my unique form of activism is remembered as one that matters too.