I'm neither one.
All money is backed by debt. If all debt is paid off then money goes to 0. Basic math.
All money is backed by debt. If all debt is paid off then money goes to 0. Basic math.
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.