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Dot Money Paperback – November 21, 2014
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The Amazon Book Review
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About the Author
The author, Eric Majors, is an expert in financial market analysis and algorithms, with a Bachelors of Science in Electrical Engineering from the University of Colorado. Mr. Majors is a former U.S. Registered Investment Advisor and business owner who worked with the CIA. He has served as an officer and director of a number of publicly traded companies and as a principal of an international investment banking firm. He is an expert on global currencies and was the principal inventor of Trade Series Management Theory and the associated TSM financial market software systems. Mr. Majors is a certified Consciousness Coach, business advisor, speaker, teacher and author. Mr. Majors is the author of “Financial Markets And Technical Analysis” (2005) and “Dot Money” (2014). From 2010 to 2013, Mr. Majors spent over 3 years in a U.S. Federal Prison after pleading guilty in 2009 to charges stemming from his work with the CIA and Insider Trading. As a result of the diverse experiences and international exposure that led to his incarceration Mr. Majors is now able to share his unique prospective on life and the global financial markets. He does so from the viewpoint of an insider who speaks candidly and openly. For more information about this book and Eric Majors visit: www.EricMajors.com
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First, on the history topic, Majors seems only aware of a few elements, including the use of precious metals, other trading commodities, and communal societies that do without money. He makes one valid point over and over, which I happen to agree with, that the use of precious metals is no longer feasible because the supply cannot be regulated to match the amount of money needed by a large and growing civilization. There will not be enough of a scarce commodity (and thus deflation, but he doesn't point this out specifically), or if a big supply of it is discovered, then there is inflation. For more on how money evolved from contracts to care for sheep or grain when communities became large and everyone was no longer family, see "Money, Wealth & War".
Majors quotes a lot of American Indian writings. These are interesting and I enjoyed them. But if he is implying the Indian communal culture would work on an international scale, I'm not so sure. There is one fact he gets wrong. He says the Indians (Native Americans) were suppressed because they did not adopt individual property rights. Not entirely true. The Cherokee did so, in Georgia, and were ruled a sovereign nation by the U.S. Supreme Court. President Andrew Jackson famously said let the court enforce their own decision and allowed a land rush in which settlers forcibly evicted the Cherokee, resulting in the "Trail of Tears."
Pretty early on Majors sets himself laudable but really, really ambitious goals: no poverty, people free to engage in the pursuit of happiness, no one has to work at a job they don't like (or actually any job at all, we eventually find out). Furthermore, Majors repeatedly says he cannot think of any reason any person, political party, or government would object to any of his proposals. Really? What is the catch? Finally at the end of chapter 7 we get the first part of it, in underlined boldface: "The first step to the solution is to find an equitable way to compensate those who are not wealthy for the use (forced usurpation) of property that has been arbitrarily removed from them by birth or through mismanagement for the benefit of those who are born wealthy or become wealthy during their lives."
Majors has a concept that government enforces an unnatural distribution of property. He completely overlooks the real reason governments were created. As of about 4000 years ago, give or take, there was no productive land remaining unoccupied. You see accounts of this in the bible. Abraham could not go anywhere and dig a well without finding someone else already there. After the fall of the Bronze Age, humanity degenerated into a 600 year dark age of wars over land, kicking out whoever they found there, and when possible exterminating them so they wouldn't later gather strength and take it back. This ended only when governments expanded beyond "city states" and began to enforce property rights far and wide.
Majors makes a big deal out of being religious. But like many, he quotes selectively. When discussing "birth" issues, and losing land through mismanagement (I really don't want to compensate anyone who loses their land through mismanagement), he fails to notice that the scripture he cites also says the sins (presumably including mismanagement) will be visited upon the following generations. Personally, I don't think it works to make a moral argument out of it. What works is what works. That may need some tweaking, but a wholesale change is more likely to produce chaos. In the spirit of disclosing conflicts of interest, "Money Wealth & War" advocates that we address the same problems Majors is addressing by doing just the opposite, by encouraging the top 20% of us instead of just the top 1% to adopt generational wealth building plans, passing more to their descendents, freeing up their jobs for the next group and so on all the way down. Looking at how personal wealth evolves, during ones lifetime, the poor catch up because there is not as much difference in salary as in net worth. It is across the generational boundary that they fall behind again, because they save only for retirement, they use it all up and leave nothing.
And finally, what is it really Majors proposes? Aside from issuing new money, for which the government would legislate a value - he keeps advocating price controls over and over without once acknowledging that historically price controls always result in shortages - he proposes a private system, in which companies would buy life insurance on their employees. They'd do this with their employees' permission, and would "compensate" the employees now out of the expected proceeds later when the employees die. He hypothesizes a company capitalized at $3 million dollars which eventually collects $6 million in life insurance.
I have news for Mr. Majors. This is a pyramid scheme and highly illegal. Not to mention that no insurance company would sell such a policy. Life insurance companies do not pay out more than they take in. And Promising someone such an unrealistic payment is fraudulent.
It showed me that there is still hope for everyone on this world ruled now by the people with the money, explained in words close to everyone.
I really enjoyed it, and I highly recommend it in order to have another view on a new way that could help this world to get out of the current crisis.