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To: cuban leaf
Well, at least fiat money is backed by a government that doesn’t want it to collapse

Name me a government that does that as they all are furiously running their printing machines. The only thing they have going for it is that it is fiat, meaning you can accept it as settlement of a debt or forget about colleting.

Go read your Milton Friedman. Money is whatever people accept as a means of storing and exchanging value. It has few principal measures: faith, quantity and convenience.

Anyone having to try to execute a transaction through any of the small number of too-big-to-fail banks realizes that convenience was long ago sacrificed in the US currency system. Quantity is however much of the stuff the Fed wants to print and faith, well I don't know how much faith people really have since they are looking for alternatives.

41 posted on 01/22/2022 8:58:09 AM PST by AndyJackson
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To: AndyJackson

Don’t get me wrong. They have already kicked the can much further down the road (trying to avoid the inevitable) than anyone imagined they could. They simply are out of weapons to undo what they created over the last 100 years. We are at the day of reckoning. But even then, what is protecting crypto other than raw faith?

i.e. as bad as Fiat money is as a stable store of wealth, Crypto is worse, IMO.


48 posted on 01/22/2022 9:01:50 AM PST by cuban leaf (My prediction: Harris is Spiro Agnew. We'll soon see who becomes Gerald Ford, and our next prez.)
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