Aristotle: The 'evil of ignorance'

For some time the wise and learned have reflected on the use, and misuse of power, and the purpose and values within our society ...

For instance here's just a few of the things Aristotle had to say ...

"Democracy is when the indigent, and not the men of property, are the rulers"

"In a democracy the poor will have more power than the rich, because there are more of them, and the will of the majority is supreme"

"The trade of the petty usurer is hated with most reason: it makes a profit from currency itself, instead of making it from the process which currency was meant to serve. Their common characteristic is obviously their sordid avarice*"

"Poverty is the parent of revolution and crime"

"No notice is taken of a little evil, but when it increases it strikes the eye"

"It is the mark of an educated mind to be able to entertain a thought without accepting it"

"All persons ought to endeavor to follow what is right, and not what is established"

"The only good is knowledge and the only evil is ignorance"

"You will never do anything in this world without courage. It is the greatest quality of the mind next to honor"

Insights (and challenges) arguably just as, if not more, relevant today ... which capture in simple words the type of Poweromics we still face today, as well as the "evil of ignorance" (or more specifically Ignoromics**) that allows it to continue.

* Avarice - Extreme greed for wealth or material gain.

** Ignoromics - People who are either effectively ignorant of the situation (e.g. the overall environment) or not prepared to take responsibility to make sure it changes for the better.

Changing Times - and the Changing of 'Power' ...

Following my recent post about China's desire to move their reserves away from the dollar, this article highlights that the idea is growing apace. China, India, Brazil, Mexico and South Africa last week all challenged the U.S. dollar as the primary denomination of world reserves, and today Japan's opposition party are promoting a similar idea too.  Japan holds $1.02 trillion in foreign reserves (second only in the world to China) and this article points out the fact that “if Japan and China do that, the impact will be huge”. One of main reasons given for these countries not shifting reserves away from the dollar is the fact that it would further weaken the U.S. currency and reduce the value of China's and Japan's remaining dollar holdings, i.e. the threat of losing even more money due to the dollar, rather than the security/benefit of investing in the dollar! This will undoubtedly alter the pace of change, but not the change itself, as these countries are clearly already looking at additional, and more subtle ways, of achieving this goal (e.g. Japan's suggestion of buying any future US Government bonds in Yen)!