(Roughly) Daily

“Not everything that can be counted counts, and not everything that counts can be counted”*…

 

People sometimes say “If I had all the money in the world …” in order to discuss what they would do if they had no financial constraints. I’m curious, though, what would happen if one person had all of the world’s money?

– Daniel Pino

So you’ve somehow found a way to gather all the world’s money. We won’t worry about how you did it—let’s just assume you invented some kind of money-summoning magic spell.

Physical currency—coins and bills—represents just a small percentage of the world’s wealth. In theory, you could edit all the property records on Earth to say that you own all the land and edit all the banking records to say you own all the money. But everyone else would disagree with those records, and they would edit them back or ignore them. Money is an idea, and you can’t make the entire world respect your idea.

Getting all the world’s cash, on the other hand, is much more straightforward. There’s a certain amount of cash in the world—it’s about $4 trillion—and you want it all…

Find out what you’d have to do with all that scratch on Randall Monroe’s What If? at “All the Money.”

* Sociologist William Bruce Cameron (though often attributed to Albert Einstein)

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As we go all Scrooge McDuck, we might send imperial birthday greetings to Titus Flavius Caesar Vespasianus Augustus (better known as Vespasian); he was born on this date in 9 CE.  Vespasian was crowned Emperor of Rome in 69 after a year of civil strife following the death of Nero; he served for six years and founded the Flavian Dynasty that ruled the Empire for another 20 years.  Vespasian was judged (by Suetonius and others) to have been a witty and effective ruler, even as he had to govern through severe financial turmoil.  Indeed, to this day urinals are known in Italian as vespasiano, a vestige of Vespasian’s tax on urine (which was valuable in his day for its ammoniac content).

Roman aureus depicting Vespasian as Emperor; the reverse shows the goddess Fortuna.

source

 

Written by LW

November 17, 2014 at 1:01 am

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