Ancient Babylonian laws indicate clearly that the ancient temples occupied the most important positions. It received income from its estates, from tithes and other fixed dues, as well as from the sacrifices (a customary share) and other offerings of the faithful—besides money and permanent gifts.
The temples became great granaries and storehouses and were also the city archives. The temple had its responsibilities. The poor farmers came to the temple to borrow seed, grain, or supplies for harvesters etc. The king's power over the temple was not proprietary, but administrative. The king borrowed from it but repaid like other borrowers. The similar phenomena we see in the present context where governments of the world have no proprietary over financial institutes other than administrative. The governments have been restricted and kept outside the temple of money. They can avail the services of temple by borrowing money on the promise to pay back the debt with interests.
The present federal monetary system of the world acts like the modern temple of money. It is independent of state's interference but acts as the banker for the government and people. It is the modern god of people and money. It supplies all the money and creates money out of thin air like magic.
The point I want to make here is this: we have adopted the same old system of Babylonian laws to solve our present socioeconomic condition. I suppose that it is not the best invention and discovery of mankind so far. It is merely an imitation and you know there is nothing new for the new world and new context. We have been sweeping the dirt with old brooms and old brooms can't sweep properly all the dirt away. We have borrowed this idea and it is not serving its people properly.
Humans have reached great breakthroughs in technology, innovation, machinery and softwares, can't we reach another breakthrough in 'financial technology' which can guarantee the society to lead a worthy life of praise, honour and respect? Most certainly yes, we can innovate a system that caters to everybody's needs and surly it will be a successful existence on the earth.
Why not reform our present federal monetary system which has derailed the world economy and through quantitative easing aka printing more and more money that has only depleted the money value so much that there is hyper-inflationary like uncomfortable situation? If smart people are able to invent internet, google, youtube, facebook, spacecraft, rocket, nuclear energy etc then surely we will be able to figure out ways to solve economic crisis with new technology that suits the humanity best. Let's look forward to the new dawn of discovery, innovation, invention and change and transformation.
Alwed Ekka
No comments:
Post a Comment