it isn’t “fake money” insofar as I gotta work for it. there is a vaporware aspect to it but what do you suggest as an alternative? notice that everyone who laments the system in published form oftentimes are reneging on their debts!
Maybe he thinks there was no fraction reserve banking while we were on the gold standard?
Spoken like a good honest worker!
Of course we work for it, and yes it's vaporware. And as long as everybody closes their eyes and believes, no problemo compadre.
An alternative? How about honest oversight? Although I hate government involvement in any form, in the interim to sound fiscal policy, a temporary (read sun-setted) policy group that could dig into the real balance sheet of AIG et al would serve to restore confidence.
Obviously there's not enough gold or precious metal that's ever been mined in the history of the world to back our bloated 'currency' so something else will have to be done to restore the 'faith and credit' in the system.