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Socratic Questions to Challenge your Economic Thinking!

January 13, 2014

The following 30 questions provide an overview of economics and could also provide the reader with a challenge and a learning opportunity. Review each question prior to checking the answers. You may be surprised how many you have either forgotten or never thought about.

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Economics = people on a planet trying to survive, grow, and prosper…given limited resources within a mostly hostile global environment.

1. The Economic Environment where Capitalism (trading and exchange) starts is called?

2. What is the general overall goal of Economics and Capitalism (historically)? 

3. What fundamental concept emerges as we exchange goods within a marketplace? Why do we need money as a proxy (to represent this concept)?

4. What is our ‘currency’ unit called and what is the difference between ‘currency’ and ‘money’?

5. The closed system where digital currencies are created and circulated? Information within this closed System is called what?

6. Which general economic philosophy (1776 – 2014) underlies Western economic thinking? hint: comes after Mercantilism.

7. What legal concept is ‘foundational’ to Western Economic Philosophy? hint: Karl Marx wanted to eliminate this concept.

8. The international interconnected computer driven communication network is called what?

9. Maximum speed (frequency) at which information can be transferred from sender to receiver via the internet?

10. Name for a computer environment where personal interactions are experienced and money flows circulate globally?

11. The international economic name (concept) for our planet wide exchange of goods and services?

12. What is the basic purpose/role of ‘money/currency’ (given Classical Capitalism)? The four functions of money/currency are what?

13. What underwater/underground infrastructure was recently completed to create our Global WWW?

14. What are the general essentials for economic survival (today)? hint: list at least 4 general concepts.

15. The economic model adopted by our monetary/financial authorities is called what?

16. Our Central Bank is called what? Is this entity ‘private’/’public’/’both’?

17. Our National Debt is now approximately how much? Is it possible to repay this debt? Why? Why not?

18. The total public Debt for all Americans is approximately how much? If we include unfunded liabilities than the total is approximately?

19. Federal taxes provide approximately what % of our total National Revenue? The difference is called what?

20. What global institutions create our international connections…which we call Globalization?

21. Approximately how many Nation/States encompass planet Earth today? hint: most are members of the U.N.

22. The global population of planet Earth is? Which nations are the most populated (list 3)?

23. If money rules over all, who rules over money?

24. Why is digital ‘money’ replacing all historical money and currencies on planet Earth?

25. What meaning does ‘time’ have when we can communicate globally in real-time (24/7)?

26. How are our QE dollars created today given that our currency is a digital unit?

27. Will a coming NWO create a Supra-national State for our entire planet?

28. Why are many political/academic thinkers now promoting the elimination of the Nation/State System?

29. Why does the Obama Administration desire that America merge with the coming NWO (now emerging in Europe)?

30. Has technology created the need for a re-thinking of our economic/political/philosophical model? Why?

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Answers:  if you desire full explanations please sign up for my next workshop in Vail, Arizona (February 4, 2014).

 1. Barter

2. Wealth Creation

3. Value, Value is Subjective

4. Dollar, a Currency is a political creation, Money is chosen by the Marketplace

5. Cyberspace, Virtual

6. Capitalism

7. Private property

8. World Wide Web, Internet

9. Near the speed of light

10. Our electronic interconnected Internet

11. Globalization

12. Measure Value, Standard of Value, Store of Value, Medium of Exchange, Unit of Account

13. Underwater Submarine Fiber Optic Cable System

14. Food, Clothing, Shelter, Transportation, Healthcare

15. Keynesianism

16. Federal Reserve System (fourth Branch of Government), Legally it is Private, Created by Congress in 1913

17. 17 trillion digital dollars, impossible to repay in full

18. $60 trillion, $220 trillion

19. 65%, Deficit

20. United Nations, International Monetary Fund, World Bank, World Trade Organization, Bank for International Settlements, International Court of Justice

21. 196

22. 7 billion, China, India, United States

23. Central Banks

24. New technologies for real-time global communication

25. Time is losing its historical meaning as people can now communicate globally in real-time

26. Typed into the computer screen

27. The beginnings are here now and the trend is irreversible

28. All politics and economics are now interconnected and interdependent

29. Socialism is the philosophy of Obama and those promoting the New World Order

30. Yes, all Americans now need to re-think their philosophy as the NWO emerges. This NWO will likely be imposed upon us if we do not re-think our history and philosophy going forward. Who should rule this planet is the most essential question going forward. Americans have a core value of individual freedom and personal liberty. Any NWO which is imposed will likely result in a chaotic transition. Now is the time for all good men to come to the aid of their country!

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