Tuesday, December 10, 2013


nysefloor.jpg (255970 bytes)

This is a picture of the floor of the New York Stock Exchange right after the crash, where millions of dollars apparently disappeared. This relates to something I said about how government involvement in industry is so necessary due to the fact that money is almost hypothetical these days. Even back then money was no longer based on the gold standard. People just did things, bought things and sold things, like they do things today, on credit or with bank loans. Banks gave out more money than they actually had. Because the government was not involved, then and today, people lost track of how much they owed or lent out, and people were able to use the lack of physical money to manipulate people into debt. For me this picture represents the need for people to be educated in economics, those who control large portions of our economy to have incentive to operate more ethically and for the government to ensure that manipulation and corruption are not taking place.

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