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
Education Has To Be The Forefront of Civics
by frank news
November 20, 2018
April Snape [Hunter College] and Kat Martucci [Fordham] reflect on their roles as Democracy Coaches and educators.
April Snape
I wrote the blog below after my first semester facilitating Action Civics in order to educate young New Yorkers to find their civic voice. Not only did my students have the privilege of creating a new narrative through this program, but I am also fortunate because I have gained the confidence to stand up for what I believe in, too. This confidence has not only helped me in GC, but it has also helped me in school, work and in other areas of my life. Before Generation Citizen, I lacked the ability to speak up on issues that mattered to me in fear of being ridiculed. In addition to my lack of confidence, I also did not have a framework to navigate or explore issues further. Generation Citizen has become a vital factor in my development as a multi faceted leader. Not only has GC prepared me to step into the role of a Chapter Director where I am responsible for managing a Chapter of X volunteers,but GChas also prepared me to step into the role of being a member of GC’s Associate Board. Without Generation Citizen, I am unsure of where I would stand, and what I would fall for. Young women have been struggling to find their political voice because of sexist ideologies that are still prevalent in our society. It’s extremely important to me to be an example to the young women that partake in GC. Beforehand, I was not equipped to take on this leadership position, but being in GC pushed and prepared me to do so.
Serving as a Generation Citizen Democracy Coach, from the Hunter College Chapter, in the fall of 2017 gave me the platform and voice to not only help students learn the importance of being civically engaged, but to aid them in becoming college-ready. Although I was a very bright and promising student, my high-school to college transition was extremely challenging. In my students, I saw a direct reflection of who I was just 4 years ago, as a high school senior.
By exposing Generation Citizen program participants from Bronx School for Law, Government and Justice to my former school, Howard University, I wanted them to know that college is within their reach and that I am a testament that you can make it there and beyond regardless of your family history. At Howard, I teamed up with my former classmate to compose a panel where current students at the University explained the challenges that they encountered during their high school to college transition and at Howard. I also scheduled one-on-one meetings with an admissions counselor to talk about their application.
Not only did my students have the privilege of creating a new narrative through this program but I was also fortunate because I gained the confidence to always stand up for what I believe in. This confidence has not only helped me in GC but has helped me in school, work and in other areas of my life. Before Generation Citizen, I lacked the ability to speak up on issues that mattered to me in fear of being ridiculed. In addition to my lack of assertion I also did not have a framework to navigate or explore my issues further. Generation Citizen has become a vital part in my development as a multi faceted leader. Not only have they prepared me to step into the role of a Chapter Director but they have also prepared me to step into the role of being a member of GC’s Associate board. Without Generation Citizen, I am still unsure of where I would stand, and what I would fall for. Young women have been struggling to find their political voice because of sexist ideologies that are still prevalent in our society. It’s extremely important to me to be an example to the young women that partake in GC. Beforehand, I was not equipped to take on a leadership position, but being in GC pushed me to do so.
I want people to know that being a Democracy Coach is so much more than teaching a lesson, it’s about actively changing the atmosphere of each school that you walk into. I never want any student that I encounter to have doubts about their abilities to apply, attend and succeed in a college environment. I also want students to know that being civically and politically engaged is not as frightening as people make it seem. Thankfully, Generation Citizen gave me the opportunity to convey these message.
Kat Martucci
Four years ago, I joined Generation Citizen because I was interested in civics and leadership. Today, I’m still a Democracy Coach because of the ever-increasing necessity of youth engagement in politics. More importantly, I have learned that the core of Generation Citizen is community. It is the community that I have become a part of that sustains the energy and passion I bring every day to the classroom.
Through building relationships with high school students in the community, I learn what they care about the most and which community issues need the government’s attention. Originally, I was focused on developing a unique project, accomplishing our action goals, and impressing judges at Civics Day. Over time, my priority as a Democracy Coach has shifted. While Civics Day is still important, I take the most pride in helping my students; discover which issues matter to them, learn how politics affect their lives, and believe in their agency to make change through strategic civic engagement. The most memorable moments have been when students speak up and share their stories with the confidence that they have the power and tools to make a difference.
Above all, Generation Citizen has taught me to be community-centered in all that I do. After graduation, I plan to continue engaging with my community, wherever that may be. Generation Citizen has taught me that in any form of public service, whether education or policy work, the most important aspect is to ask, listen, and amplify the voices in my community, so that together we can make change.