“culture of Poverty” is a concept in social theory that claims that poverty usually continues in cycles thru generations. People from poor background rarely know how to maintain and efficiently use their money, so when they do come by it, they usually lose it. This explains why Somalis in the west are not doing that well. Most of their peers and elders grew up in poverty and when they came to the west, the lands of opportunity, they kept the cycle going by ending up poor and engage in “poor people” culture. The goal with this should be to somehow break the “fixed mindset” that is ingrained in our culture and totally revamp our way of viewing money.
Money and currency is a constructed idea. If people give value to the Shilin and the dollar can't people remove that value? Or not remove but devalue it in reference to Somali economics. I was thinking, the poverty rate in Somalia is at 73% most people are not wealthy in the sense that they don't have paper money at hand. If tuulo by tuulo, started to use valuable things like grain, animals or cloth as a currency wouldn't a bank emerge organically that would try to act as a middle man and centralise the system and at last create a new currency that would be backed by the valuable things they bring forth?
Money and currency is a constructed idea. If people give value to the Shilin and the dollar can't people remove that value? Or not remove but devalue it in reference to Somali economics. I was thinking, the poverty rate in Somalia is at 73% most people are not wealthy in the sense that they don't have paper money at hand. If tuulo by tuulo, started to use valuable things like grain, animals or cloth as a currency wouldn't a bank emerge organically that would try to act as a middle man and centralise the system and at last create a new currency that would be backed by the valuable things they bring forth?
