So like...em...where does MONEY come from?

Started by Josephus, April 12, 2009, 07:46:30 AM

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Admiral Yi

#30
April 12, 2009, 06:37:59 PM
Quote from: DGuller on April 12, 2009, 06:25:27 PM
The dependence on trust is, IMO, a vastly underappreciated Achilles heel of the modern economy, and not just when it comes to monetary system.  Most of the people seem to be have a rather fatalistic attitude about this, something like "Well, if the trust is lost, then the world ends, so why worry about it?"
Disagree.  Contract enforcement is a substitute for trust.

The Minsky Moment

#31
April 12, 2009, 07:51:28 PM
Baltimore.
We have, accordingly, always had plenty of excellent lawyers, though we often had to do without even tolerable administrators, and seen destined to endure the inconvenience of hereafter doing without any constructive statesmen at all.
--Woodrow Wilson

Phillip V

#32
April 12, 2009, 08:00:43 PM
Quote from: Josephus on April 12, 2009, 11:18:40 AM
Intersting...so if I stop believing in its value, I can make all my debts go away.  ;)
Yes, that is why if a government owes its people lots of money, the government wants high inflation.
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