You are viewing a single comment's thread from:
RE: Dear crypto critics... Money does NOT need backing to be money
Oh yes they are, that is my whole point. The accounting is debt owed in an unfulfilled transaction. How this debt is represented, by memory, by paper, by gold, by cigarettes etc.. is not interesting, except for those commodities ability to not be counterfeited etc. You could say that debt is what creates money. The debt owed in an unfulfilled transaction, is what spurs the need for money. I equalize debt and money. Money is permanent and indistructable circulating debt... you only have money because you are owed some sort of commodity or service and have access to it... Tom Hanks on his solitary island, have no need for an accounting of unfulfilled trabsactions and therefore no needfor money
Hi @mandibil
@barbro from Ramta headquarter here (not vikings anymore, to many wanted to be Vikings).
This whole post is the best that I ever saw on money. It made everything very clear and easy to understand for me. It is how I always have seen money my self, but could not put into words the way you did. Now it is not only me that understand it but my brain too.
So, thank you very much for this post!
Hey @barbro glad to help. Did you read the quoted article also ?
Hi again @mandibil
I did read it the first time you wrote it, but since you asked me I did read it again. It gave me even more to read it again.
glad to be of help :-)
nope..that is incorrect.
it's entirely possible to have money without any debt.
If everyone got everything at once that they ever wished for, would we need money ?
they wouldn't
back in my g'g grand parents day they called it 'spending money' and they mostly didn't have any
They grew or made for themselves everything they needed.
living on the farm..back in the hills.
it's still possible...not LIKELY...but possible.