The bad news is . . . it is a substance created from nothingness.
When you ask people where does money come from, they will tell you their paycheck. When you find people who think deeply about it and realize Quantitative Ease is money created from nothing and loaned to the US government, but a US government entity, they generally just stop thinking about it and wave a hand and presume they must not understand something because that can’t be true.
But it is true. They do understand. We use money because the System is structured that way and we have to eat, and the System does not want you saying to yourself, “well, I have to use this to eat, but it was created from nothing and its value is determined by the imagination of counterparties”.
But that’s what it all is. $34 Trillion, and things do not fall apart because neither counterparty can endure such an outcome.
but a government entity = by a government entity