If I get a tv or a Honda for a bunch of worthless paper, how is that bad for me?
Why would the intellgient Japanese give me a Honda in exchange for a pile of worthless paper?
As if those worthless scraps of paper don’t represent a lifetime of my labor output.
I am not trading paper for goods. I am trading my time-valued labor output for goods. The paper is just a temporary storage medium for my labor output. OK, our collective labor output.
It is why some currencies are stronger than others. US productivity is very high and that is still reflected in our currency. Ditto Germany and the yen. There is a reason the Lira was the Lira and the Peso was the Peso.
“pile of worthless paper?”
It has the potential to be worthless but it isn’t worthless now is it?