Arguments Without End: A Few Simple Examples

In the previous essay (“Is It Good to Be a Detached Observer?”), we just encountered Geyl’s phrase, “arguments without end.” Here we cover a few simple examples.

Language and the Mind

The twentieth century philosopher, Ludwig Wittgenstein, tells us that his purpose is “to show the fly the way out of the fly-bottle.” Where the fly is, of course, ourselves. He then tells us, that perhaps the main reason is that one is unable to free oneself from bewitchment of the mind by “language games.”

In the song “Hotel California” by the Eagles, there’s the line, “‘We are all just prisoners here / Of our own device.’” In this context, “device” could be interpreted as a bad decision.

My Body and Myself

The American philosophy professor, Samuel Todes, in his book Body and World, analyzes the human body, not as a meat-machine, but more like the silent partner of a person navigating their life. You can get a sense of this from Gabriel Marcel, when he writes:

Is my body my body, for instance, in the same sense in which I would say that my dog belongs to me? The question, let us first of all notice, of how the dog originally came into my hands is quite irrelevant here. Perhaps I found it wandering wretchedly about the streets, perhaps I bought it in a shop; I can say it is mine if nobody else puts in a claim for it—though this is still quite a negative condition of ownership. For the dog to be really, not merely nominally, mine there must exist between us a more positive set of relations. He must live, either with me, or as I, and I alone, have decided he shall live—lodged, perhaps, with a servant or a farmer; whether or not I look after him personally, I must assume the responsibility for his being looked after. And this implies something reciprocal in our relations. It is only it the dog recognizes me, obeys me, expresses by his behaviour towards me some feeling which I can interpret as affection or, at the very least, as wholesome fear, that he is really mine; I would become a laughingstock if I persisted in calling an animal that completely ignored me, that took no notice of me at all, my dog. And the mockery to which I would be exposed in such an instance is very significant. It is linked to a very positive idea of how things must be between my dog and me, before I can really say, ‘This dog is mine’.

Gabriel MarcelThe Mystery of Being, Vol. 1: Reflection & Mystery, Harper Torchbooks, 1965, page 117.

Marcel goes on to explain:

We should recall, at this point, what we said in an earlier lecture about the body; the latter is not merely an instrument, it presents us with a kind of reality which is quite different from the reality of any sort of apparatus, in so far as it, my body, is also my way of being in the world.

Marcel, page 257.

Marcel elaborates:

When I try to make clear to myself the nature of my bond with my body, it appears to me chiefly as something of which I have the use (as one has the use of a piano, a saw, or a razor); but all these uses are extensions of the initial use, which is simply the use of the body. I have real priority to my body when it is a question of active use, but none whatever when it is a question of knowledge. The use is only possible on the basis of a certain felt community. But the community is indivisible; I cannot validly say ‘I and my body.’ The difficulty arises from the fact that I think of my relation with my body on the analogy of my relation with my instruments—whereas in fact the latter presupposes the former.

Gabriel MarcelBeing and Having: An Existentialist Diary, Harper Torchbooks, 1965, page 14.

The connections between the trio of “me, myself and I” and the body is very elusive (as you may sense from your own introspection). This is another “argument without end.”

Psychology and National Moods

The great historian, George Rudé, in his book, Revolutionary Europe, 1783-1815, tries to give a believable and multifactorial explanation of the French Revolution. Based on Ernest Labrousse’s studies of the French economy during that period, Rudé gives a thoughtful and subtle analysis of how wages, prices and other factors correlated to unrest. Interestingly, he concludes on a note of French national mood:

But, of course, it needed more than economic hardship, social discontent, and the frustration of political and social ambitions to make a revolution. To give cohesion to the discontents and aspirations of widely varying social classes there had to be some unifying body of ideas, a common vocabulary, of hope and protest, something, in short, like a common “revolutionary psychology”. In the revolutions of our day, this ideological preparation has been the concern of political parties; but there were no such parties in eighteenth-century France.

George Rudé, Revolutionary Europe, 1783-1815, Wiley, 1964, page 74.

Rudé uses the phrase, “revolutionary psychology.” Apply this to our time and ask yourself, did a demagogue like Donald Trump create a revolutionary psychology, or did it cough up Trump? Notice that in the recent political tract, What’s the Matter with Kansas?, Thomas Frank makes the point that people’s sense of grievance involves not only economics, but also other psychological factors, just as Rudé does with the French Revolution.

Economics-Watching: BRICS Currency Creates Dilemma for the Dollar

by Christopher Whalen, from China Daily

The term “BRICS currency” typically refers to a hypothetical or proposed unified currency for the BRICS grouping. It’s not a single, physical currency currently in use, but rather a concept for a potential future monetary system that some suggest will reduce the dominance of the U.S. dollar in international trade and finance.

Is BRICS currency cooperation about immediate de-dollarization or long-term financial sovereignty? The answer is that BRICS cooperation may include reducing long-term dependence on the dollar as a means of exchange. The dollar is involved in more than half of all trade and 80 percent of all foreign exchange transactions. BRICS currency cooperation aims to gradually reduce the group’s dollar dependency, but challenges remain.

The BRICS concept came about not because the dollar is unsuitable as a means of exchange or unit of account, but rather because of the use of the dollar by Washington as a weapon. As I note in my book, Inflated: Money, Debt and the American Dream, the special role of the dollar in U.S. finance allows the U.S. government to impose harsh compliance and reporting requirements on foreign nationals and institutions. The U.S. is an arbitrary hegemon and does not follow reciprocity with other countries.

The global role of the dollar is an anomaly, the byproduct of two world wars had left the other antagonists broke by the time the Bretton Woods Agreement was signed in July 1944.

Choosing the fiat paper dollar as the default global reserve currency more than seven decades ago reflected the fact that the United States was one of the victors and possessed the wealth that gave Washington unchallenged economic leadership. Prior to World War I, the United Kingdom’s pound sterling was the global standard, but importantly, this paper currency was backed by gold — the only money that is not debt. The dollar, too, was backed by gold — until 1933, when the Franklin Roosevelt administration confiscated gold in private hands to prevent his government from collapsing.

Pound notes started to circulate in England in 1694, shortly after the establishment of the Bank of England. The paper pound helped to fuel the expansion of the British Empire, in large part because the only competing form of money was physical gold. When Britain and other nations left the gold standard in the 1930s, it was due to the deflation caused by the Great Depression rather than a deliberate choice.

The 19th-century rule attributed to English journalist and businessman Walter Bagehot says that in times of crisis, lend freely at a high rate against good collateral. Yet since the currency devaluation and gold seizures of 1933, fiat currencies and below-market interest rates have been the rule. In a global scheme in which the government occupies the prime position, the operative term remains “financial repression”, whereby governments control markets and artificially suppress rates of return on debt. For this reason, the dollar is losing its role as a store of value to gold.

The fact that the dollar continues to trade strongly versus other currencies reflects the reality that as the main means of exchange globally, the dollar cannot be easily replaced. One reason for this continued support for the dollar is that the trade in petroleum and other commodities is so large that it requires an equally large currency to accommodate it. Also, neither the Europeans nor the Japanese, the only two possible alternatives, are willing to risk the external deficits or inflation that the U.S. suffers as the host for the global currency.

What global currency will replace the fiat paper dollar? None. As this article is being written, gold is the second-largest reserve asset for central banks after the dollar. “The initiation in 2002 of the Shanghai Gold Exchange was of great strategic significance, both for gold and the global monetary system,” notes veteran gold fund manager Henry Smyth in an interview in The Institutional Risk Analyst. “Now it is completely clear what happened.”

Smyth and many other observers see the creation of the SGE in 2002 as the return of gold to the international monetary system. But while gold is growing in importance as a reserve asset for many countries, it does not mean that the role of the dollar as a global means of exchange or unit of account is about to change.

The dollar will remain the dominant asset. And even then, displacing the dollar will require a major change in the international monetary system, a change that is already underway.

The author is the chairman of Whalen Global Advisors LLC in New York and the author of Inflated: Money, Debt and the American Dream published by Wiley Global (2025).