this post was submitted on 05 Dec 2024
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Tell me what the value of a dollar is based upon.
We allow bits of worthless plastic and metal, and electronic bits to 'pay' for real goods and services.
You allow your employer to transfer electronic bits to a digitally stored 'bank account' for your hard work and labour.
Maybe that's because everyone just trusts or believes it has value. There are plenty of examples in history where a currency crashed because people lost faith in it's value.
If you want to explore some other areas, look into barter vs currency, the gold standard, money creation and how the commercial banks create money via deposits, and the Reserve Bank creates money for the government.
so your issue is with fiat money and basically the entire modern monetary system… nice
I still don’t understand how a literal ponzi is as stupid as fiat money but you do you
Don't force assumptions on me. I have no issue with fiat or other 'money'. Or property, or investments.
Ahh, my friend, forget ponzi. Explain economics to me.
Or, alternatively, explain how 'traditional' investments or property or fiat differ from a ponzi.
'Elaborate'. I'll wait.
Not the OP bit I'll take the bait... For as long as humans have existed we have paid others to pretend to know the future, once we used chicken entrails, tea keaves etc now we use economists who pretend they are different to thier predecessors who used tea leaves but they to use tools inappropriate to forecasting,