The phenomenon began only in the nineteenth century. Till then, the economic life was still more or less dependent on the capability and efficiency of the individual human being. A Bank prospered if some individual in it was a thoroughly capable man. Individuals were still of real importance. this an amusing example, the story of the ambassador of the King of France who once came to Rothschild. He was trying to raise a loan. Rothschild happened to be in conversation with a leather merchant. When the ambassador of the King of France was announced, he said: “Ask him to wait a little.” The ambassador was terribly upset. Was he to wait, while a leather merchant was in there with Rothschild? When the attendant came out and told him, he simply would not believe his ears. “Go in again and tell Herr Rothschild that I am here as the ambassador of the King of France.” But the attendant brought the same answer again: “Will you kindly wait a little?” Thereupon he himself burst into the inner room: “I am the ambassador of the King of France!” Rothschild answered: “Please sit down: will you take a chair?” “Yes, but I am the ambassador of the King of France!” “Will you take two chairs!”
The workings of Capital as such. Accumulations of Capital are active as such. Over and above the economic, there lies an ultra-economic life, which is essentially determined by the peculiar power inherent in the actual masses of Capital. If, therefore, we wish to understand the economic life of today, But what the economists have tried to do is to grasp such things as Value, Price, Production, Consumption and so forth with ideas such as they had in ordinary science. therefore, we have not yet attained a true science of Economics. With the concepts to which we have grown accustomed we cannot answer the question, for instance: What is Value? Or, what is Price? Whatever has Value must be considered as being in perpetual circulation: like-wise we must consider the Price, corresponding to a Value, as something in perpetual circulation. Credit and debt that perpetual circulation The Accumulations of Capital are active as such. Over and above the economic, Meanwhile, what great calamity is taking place: the devaluation of money in the Eastern and Middle countries of Europe, and with it a complete revolution in the social strata; for it goes without saying that with each progressive devaluation of money, those who live by it must be impoverished.The whole Earth, considered as an economic organism, is really the lost social organism.This ought surely to be taken into account. It is quite palpable, ever since we have had a world-economy, So it is with ones Value in the economic life.