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"Paper money is a significant technological advance over gold money"...Bullshit. Gold is a commodity which marks a certain amount of labor and energy expended
by 0x445442 9y ago
"Paper money is a significant technological advance over gold money"...Bullshit.
Gold is a commodity which marks a certain amount of labor and energy expended before it can be exchanged for other goods and services. Paper money is a debt note that represents a promise of labor and energy to be expended in the future.
So what happens when there's no demand for the already created paper? History has shown time and again; depression and war.
- Ar-Curunir 9y agoRarity does not endow something with value. There are many things that are difficult to extract yet are not valuable.
- 0x445442 9y agoI never implied monetary metals' value is due strictly to the energy it takes to extract from the ground.