By David Graeber – Why does anybody have to be in debt?
Why can’t everybody just balance their budgets?
Governments, households, corporations … Everyone lives within their means and nobody ends up owing anything. Why can’t we just do that?
Well there’s an answer to that too: then there wouldn’t be any money. This is another thing everybody knows but no one really wants to talk about.
Money is debt. Banknotes are just so many circulating IOUs.
If you don’t believe me, look at any banknote in your pocket. It says: “I promise to pay the bearer on demand the sum of five pounds.” See? It’s an IOU. more> http://tinyurl.com/njzcd9b
Posted in Banking, Business, Economic development, Economy, Regulations
Tagged Banking reform, Capital, Debt, Financial crisis, Monetary policy, Money, Organization
Made in Rocket City: GE to Mass-Produce Advanced Space Age Material in the U.S. for the First Time
By Tomas Kellner – People have been making things from iron and steel for more than 3,000 years. Machines built from their alloys have landed on the Moon and reached the very bottom of the ocean. But engineers like GE Aviation’s Sanjay Correa now believe that “we’re running out of headroom in metals.”
He and his team at GE say that a new class of materials called ceramic matrix composites (CMCs) is set to revolutionize everything from power generation to aviation, and allow engineers build much more powerful and efficient jet engines before the end of the decade.
This is a big deal. Unlike alloys, CMCs don’t need to be air-cooled and weigh one-third the weight of metal. As a result, rotating parts made from them generate smaller centrifugal forces, opening the way for smaller and lighter jet engines.
“Going from nickel alloys to rotating ceramics inside the engine is the really big jump,” says Jonathan Blank, who leads CMC and advanced polymer matrix composite research at GE Aviation. “CMCs allow for a revolutionary change in jet engine design.” more> http://tinyurl.com/q4rkftg
Posted in Business, Economic development, Economy, Science, Technology
Tagged Business improvement, Ceramic Matrix Composites, CMC, GE, Industrial economy, Productivity, Technology, United States