North Korea is a world leader in one very dubious field. It’s the most accomplished forger of foreign currency in the world. To the despair of the US Treasury, the hermit kingdom can produce $100 bills that are indistinguishable from the real thing.
Counterfeiting money is not a new crime, of course. “Clipping” coins is as old as money itself, and the authorities take it very seriously: it devalues the currency and risks catastrophic economic fallout. Which begs a question.
Why would any firm or institution that produces a very valuable currency of its own then want to debase it?
I’m talking about education, where the currency is the academic credentials it produces. The sector has begun to clip its own coinage, by allowing artificial intelligence (AI) into classrooms.
Well done there Mr Orlowski, well done there. Not just correct but very good indeed.
We can even take it further. Gresham’s Law – bad money drives out good. And further once again. The individual incentive is always to clip the money – devalue the degree – in order to gain that value while the overall effect is the ruination of the currency itself.
This sort of cascade can only be dealt with by fierce means. We used to hang people for “uttering” – passing on counterfeit money. We used to hang more people for that in a year – some years at least – than we did for murder. This sort of counterfeiting is, of course, concentrated in the more progressive ends of the humanities departments. Therefore we should hang the more progressive ends of the humanities departments.
There are indeed problems in this world that stem from a divergence between hte individual incentive and the general result. That’s the very reason that fierceness in the changing of the individual incentive is spo important. Sadly, it’s not always true that the necessary action is as objectively enjoyable as this one.