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
The Human Health Impacts of Plastic
by Alexis McGivern
January 21, 2019
For a long time, plastic pollution has been defined as an oceans issue, with many players referring only to the issues as 'marine litter' or 'ocean plastics'. In fact, the impacts of plastic are far more wide-reaching, affecting populations far from the coasts. Human health is affected by plastic at each stage of the life cycle, from extraction of raw materials, through production, during use and after disposal.
During production
In order to make plastic, fossil fuels like oil and natural gas are extracted and refined into different fractions, meaning the different hydrocarbons contained within these fossil fuels are separated out into individual monomers.
The ´cracking` of these hydrocarbons is done in petrochemical factories, affecting nearby communities through contamination of the air with pollutants and carcinogens. St. James Parish, Louisiana, one of the hubs of the American petrochemical industry, is also known as “Cancer Alley”, so-called due to its disproportionately high rates of cancer as compared with the rest of the United States. Residents attribute to this to the high concentration of petrochemical factories, and, in recent weeks, have been organising against a proposed $9.4 billion chemical plant proposed by the Formosa Petrochemical Corporation, citing the irreversible human health impacts as a key concern.
Monomers are linked up through a process known as polymerisation in order to make plastic polymers, which are the basis for all plastic products. Then, the product-specific properties of different plastic items, such as malleability, durability and colour, are generated through the inclusion of additives. These affect health through exposure during the use phase of plastic.
During use
Plastic affects human health through the multi-pronged exposure to chemicals in plastic, with differing impacts according to the specific additives and the levels of exposure. Chemicals from plastic migrate from food packaging into food through heat, long-term storage and small surface-area ratios (i.e., small packaging sizes). The additives included during the production process affect our health through disruption of our delicately-balanced endocrine systems, the glands and organs and that produce, store and secret hormones.
Our ability to effectively regulate and minimise the negative impacts of additives in plastic is severely hampered by a lack of transparency from industry on what additives are even included in plastic products. The majority of these additives have not been tested, and therefore cannot be meaningfully assessed for their potential dangers or restricted from the market. In many places, regulatory bodies, like the Food and Drug Administration in the United States, cannot keep up with the proliferation of new chemicals entering the market each year and therefore many enter the market without a full understanding of how they might impact our health and environment.
In response to the growing controversy over BPA, many plastic producers in the United States, Canada and Western Europe self-regulated and phased out most of BPA from food grade plastics. However, BPA was largely replaced with BPS and BPF, two additives which, while chemically different to BPA, have been shown to have almost the exact same effects on our health.
After disposal
The impacts of plastic after its disposal depend largely on what pathway it takes after consumption. Organisations like GAIA, the Global Alliance for Incinerator Alternatives, have highlighted the human health impacts of incineration plants, citing both the occupational health impacts as well as those on populations living near to incinerators. Exposure to dioxins, heavy metals and biomarkers have been linked to lung, larynx and liver cancers, respiratory effects and congenital abnormalities, among other impacts.
Open landfilling outside of sealed engineered landfills and open burning, two techniques commonly employed in areas without waste management infrastructure, affect nearby populations through contamination of groundwater sources and through chemicals released through burning plastic.
When plastic ends up in the ocean, it can end up back on our dinner plates through fish or even salt, making us at risk for ingesting not only the plastic pieces themselves but also all of the associated toxic chemicals that it has been exposed to in the water, including many persistent organic pollutants POPs. It is, however, still unclear how pieces of plastic that have not been exposed to any additional chemicals affect human health during ingestion.
What now?
As plastic pollution becomes more widely understood as a human issue, as well as an environmental one, the pressure on manufacturers of plastic will hopefully increase and therefore encourage different product distribution models, fewer greenwashed solutions and options that are safer for our health and for the planet.
On an individual level, minimising or eliminating your own consumption of plastic, where possible, can help limit your exposure to the wide range of chemicals included in everyday items. You can limit the chemical migration between your food packaging products and your food by following guidance from the Food Packaging Forum, namely heating your food in inert containers like glass rather than plastic, limiting the storage time of foods in plastic and avoiding small portion sizes to limit the exposure through a high surface-to-volume ratio.
Finally, and most importantly, transparency from industry players is vital in order to assess the wide range of additives used in plastic for their potential health and environmental impacts.