[politicket]

You sound more John Maynard Keynes than Ludwig Von Mises.

I'm neither one.

All money is backed by debt. If all debt is paid off then money goes to 0. Basic math.

[Wildbill22]

All money is backed by debt. If all debt is paid off then money goes to 0. Basic math.

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I’m sorry, but that is counter intuitive...not basic math. It is suppose to be debt being backed by hard assets in basic banking, not money being backed by debt, otherwise why seek hard assets to justify loans, though it sounds like the justification our Federal Reserve operates. Debt is slavery, and hard assets are freedom. While that may be zero sum, the absence of debt does not mean the absence of hard assets or value. Quite the opposite, otherwise nothing has value to start with, other than debt/slavery.

Money has value because it has scarcity as one of the principle characteristics that give it value..
- Less debt, or zero debt, means more scarcity as the money supply shrinks, but the value of the currency increases, not decreases, just as when you increase debt and the money supply, you decrease the value of your currency. That is the basic supply/demand principle of Econ 101.

Perhaps we will never agree on that one.

I am obviously a fan of Mises, and Hayek and the Austrian School.