Eine Billion Dollar
Encyclopedia
Eine Billion Dollar is a 2001 novel by German writer Andreas Eschbach
. Its plot revolves around a young pizza driver from New York City
, who inherits a trillion US dollar
s from one of his ancestors who lived in 16th century Florence
. With the money comes a prophecy that he must use it to give humanity back its lost future.
The title is correctly translated into English as "One Trillion Dollars", as it refers to the long scale
use of the word billion (10
), which is called a trillion in the short scale
.
. This merchant put a rather small amount of money in a bank account some 500 years ago. Through the magic of compound interest
, this sum has now grown into the equivalent of roughly 1,000,000,000,000 US dollars.
In one fell swoop, John Fontanelli has become by far the richest person in the world, his net worth being bigger than the GDP of most countries. Yet, his ancestor has charged his heir with the task of using the inheritance to give back mankind its lost future.
After some hither and tither, he accepts the role assigned to him by his ancestor and tries to better the world socially and ecologically. On the advice of his mysterious new consultant, Malcolm McCaine, he founds a huge corporation called Fontanelli Enterprises and strategically invests the inherited fortune in a diversified group of projects to grow his power and influence. Starting with the hostile takeover of ExxonMobil
, John Fontanelli's orders now decide the fate of other companies, currencies, and even complete countries' economies.
With the passing of time, John recognizes that all this will not ultimately lead him to success in mastering his assigned task. To get a better picture of the future development of mankind, he sets up a gigantic and secret scientific project, which uses complex computer models to simulate different future scenarios. When the sobering result is finally announced, Fontanelli and McCaine differ about the correct approach to save humanity from its obvious self-destroying development. McCaine leaves Fontanelli, thinking that mankind is doomed to being minimized down to a small but qualified elite. By using his own money, he sets up another company and tries to entice away leading scientists in the research of the AIDS
virus to withdraw their manpower from the development of an effective cure.
Fontanelli, on the other side, is setting up a foundation to organize and enforce the election of a world speaker. In his belief, the multi-national companies can only be controlled by global laws to prevent a catastrophe. The opposing and contradictory strategies of Fontanelli and McCaine to save humanity from its disastrous fate culminate in an exacerbated struggle for power. Fontanelli achieves a partial victory: The election of a world speaker finally takes place.
The book ends with the death of John Fontanelli, who gets shot by an old friend who gradually came under the influence of McCaine.
However, there are certain factors that would render it probably impossible under realistic conditions. Most of the capital appreciation would only happen during the later years of the process. After 235 years (half the overall time) there would only be a mere 100 million US-Dollars of capital. During such a long time span, there would be a great probability of catastrophic events (like theft, embezzlement, hyperinflation
or even a national bankruptcy), all of which, in effect, potentially wiping out the entire investment.
The most serious mistake, though, in the described scenario is probably the management of the invested capital by a group of lawyers. It seems unlikely that the group would take on the management of a sum as little as $10,000 (or 300 Florin) for several hundred years by merely accepting an interest of 0.01%, as mentioned in the novel. The actual compensation incurred by the lawyers would only be of significant value after some 200 years (exactly $2,502.16 in the year 200 and $102,923.74 after 295 years). Therefore, it seems doubtful that they would actually do it at all.
.
Andreas Eschbach
Andreas Eschbach is a German writer who mostly writes science fiction. Even if some of his stories do not exactly fall into the SF genre, they usually feature elements of the fantastic.- Biography :...
. Its plot revolves around a young pizza driver from New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, who inherits a trillion US dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
s from one of his ancestors who lived in 16th century Florence
Florence
Florence is the capital city of the Italian region of Tuscany and of the province of Florence. It is the most populous city in Tuscany, with approximately 370,000 inhabitants, expanding to over 1.5 million in the metropolitan area....
. With the money comes a prophecy that he must use it to give humanity back its lost future.
The title is correctly translated into English as "One Trillion Dollars", as it refers to the long scale
Long and short scales
The long and short scales are two of several different large-number naming systems used throughout the world for integer powers of ten. Many countries, including most in continental Europe, use the long scale whereas most English-speaking countries use the short scale...
use of the word billion (10
), which is called a trillion in the short scaleLong and short scales
The long and short scales are two of several different large-number naming systems used throughout the world for integer powers of ten. Many countries, including most in continental Europe, use the long scale whereas most English-speaking countries use the short scale...
.
Plot
John Salvatore Fontanelli, the son of a shoemaker in New York who works as a pizza driver, is one day invited to the Waldorf Astoria by an Italian lawyer, where he is informed that he inherited a huge fortune simply by being the last male descendant of a wealthy Italian merchant living and working in 16th century FlorenceFlorence
Florence is the capital city of the Italian region of Tuscany and of the province of Florence. It is the most populous city in Tuscany, with approximately 370,000 inhabitants, expanding to over 1.5 million in the metropolitan area....
. This merchant put a rather small amount of money in a bank account some 500 years ago. Through the magic of compound interest
Compound interest
Compound interest arises when interest is added to the principal, so that from that moment on, the interest that has been added also itself earns interest. This addition of interest to the principal is called compounding...
, this sum has now grown into the equivalent of roughly 1,000,000,000,000 US dollars.
In one fell swoop, John Fontanelli has become by far the richest person in the world, his net worth being bigger than the GDP of most countries. Yet, his ancestor has charged his heir with the task of using the inheritance to give back mankind its lost future.
After some hither and tither, he accepts the role assigned to him by his ancestor and tries to better the world socially and ecologically. On the advice of his mysterious new consultant, Malcolm McCaine, he founds a huge corporation called Fontanelli Enterprises and strategically invests the inherited fortune in a diversified group of projects to grow his power and influence. Starting with the hostile takeover of ExxonMobil
ExxonMobil
Exxon Mobil Corporation or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas...
, John Fontanelli's orders now decide the fate of other companies, currencies, and even complete countries' economies.
With the passing of time, John recognizes that all this will not ultimately lead him to success in mastering his assigned task. To get a better picture of the future development of mankind, he sets up a gigantic and secret scientific project, which uses complex computer models to simulate different future scenarios. When the sobering result is finally announced, Fontanelli and McCaine differ about the correct approach to save humanity from its obvious self-destroying development. McCaine leaves Fontanelli, thinking that mankind is doomed to being minimized down to a small but qualified elite. By using his own money, he sets up another company and tries to entice away leading scientists in the research of the AIDS
AIDS
Acquired immune deficiency syndrome or acquired immunodeficiency syndrome is a disease of the human immune system caused by the human immunodeficiency virus...
virus to withdraw their manpower from the development of an effective cure.
Fontanelli, on the other side, is setting up a foundation to organize and enforce the election of a world speaker. In his belief, the multi-national companies can only be controlled by global laws to prevent a catastrophe. The opposing and contradictory strategies of Fontanelli and McCaine to save humanity from its disastrous fate culminate in an exacerbated struggle for power. Fontanelli achieves a partial victory: The election of a world speaker finally takes place.
The book ends with the death of John Fontanelli, who gets shot by an old friend who gradually came under the influence of McCaine.
Analysis
It would be theoretically possible to build up a fortune as described in the book. The initial investment of 300 Florin, assuming an equivalent of 10,000 US-Dollars and an annual interest rate of 4%, would have grown to roughly $1 trillion in the 470 years mentioned in the novel.However, there are certain factors that would render it probably impossible under realistic conditions. Most of the capital appreciation would only happen during the later years of the process. After 235 years (half the overall time) there would only be a mere 100 million US-Dollars of capital. During such a long time span, there would be a great probability of catastrophic events (like theft, embezzlement, hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
or even a national bankruptcy), all of which, in effect, potentially wiping out the entire investment.
The most serious mistake, though, in the described scenario is probably the management of the invested capital by a group of lawyers. It seems unlikely that the group would take on the management of a sum as little as $10,000 (or 300 Florin) for several hundred years by merely accepting an interest of 0.01%, as mentioned in the novel. The actual compensation incurred by the lawyers would only be of significant value after some 200 years (exactly $2,502.16 in the year 200 and $102,923.74 after 295 years). Therefore, it seems doubtful that they would actually do it at all.
Different strategies for saving humanity
- John Fontanelli first tries to fight poverty by forming, on the advice of its soon-to-be executive director McCaine, a multi-national company to achieve global dominance. To give this entity a positive image in the media, McCaine suggests several measures for the purpose of preservation of the environment.
- After the computer simulations reveal no other conclusion than inevitable self-destruction of mankind, McCaine falls for the conviction that an acceleration of the collapse (with the help of AIDS as a global disease) is the only way to confine the damage and secure the survival of a sophisticated elite.
- Lorenzo, a distant relative of Fontanelli, argues in articles he writes for a school magazine, that the root of all evil lies in the fact that the central banks are allowing a credit only with the collection of interest. The problem, in his view, is that money cannot multiply on its own. The articles are reminiscent of the theory of FreigeldFreigeldIn the theory of Freiwirtschaft, Freigeld is a monetary unit proposed by Silvio Gesell.- Properties :Freigeld has several special properties:...
. - Writer Lord Peter Rawburne advises John Fontanelli to abolish the income tax and instead charge tax on commodities. This would have the effect of making products more expensive, but in turn would lead to people having more money to spend.
- The novel culminates in a plea for the Tobin taxTobin taxA Tobin tax, suggested by Nobel Laureate economist James Tobin, was originally defined as a tax on all spot conversions of one currency into another...
, which can only be implemented globally. For this purpose, Fontanelli sets up the foundation "We The People Organisation" (WTPO, instead of WTO) to conduct the election of a world speaker. The most promising candidate for this office in the book is Nelson MandelaNelson MandelaNelson Rolihlahla Mandela served as President of South Africa from 1994 to 1999, and was the first South African president to be elected in a fully representative democratic election. Before his presidency, Mandela was an anti-apartheid activist, and the leader of Umkhonto we Sizwe, the armed wing...
.
Trivia
- The pages in the paperback version of the book are numbered in billions of Dollars. On some pages a certain fact in reference to the amount on that page is stated. (For instance, on page $1,000,000,000: Damage caused by the Western corn rootwormWestern corn rootwormThe Western corn rootworm, Diabrotica virgifera virgifera LeConte, is one of the most devastating corn rootworm species in North America, especially in the midwestern corn-growing areas such as Iowa. A related species, the Northern corn rootworm, D...
to the agricultural economy in the United States of America every year.)
- The American punk rock band Anti-FlagAnti-FlagAnti-Flag is a punk rock band from Pittsburgh, Pennsylvania in the United States, formed in 1988. The band is well known for its outspoken political views. Much of the band's lyrics have focused on fervent anti-war activism, criticism of United States foreign policy, corporatism, U.S. wealth...
based the song "1 Trillion Dollar$" on the novel.
Adaptations
The novel was adapted as a 4-part radio play in 2003 by German radio station SüdwestrundfunkSüdwestrundfunk
The Südwestrundfunk is a public broadcasting company for the southwest of Germany, specifically the states of Baden-Württemberg and Rhineland-Palatinate. The company has main offices in three cities: Stuttgart, Baden-Baden and Mainz, with the director's office being in Stuttgart. It is an...
.
External links
- Eine Billion Dollar on Andreas Eschbach's official website (GermanGerman languageGerman is a West Germanic language, related to and classified alongside English and Dutch. With an estimated 90 – 98 million native speakers, German is one of the world's major languages and is the most widely-spoken first language in the European Union....
)