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Billions of people going about their day in a world denominated in fiat Dollars for five decades now doesn’t scream “artificial trust” to me. Sure, one day it’l

Billions of people going about their day in a world denominated in fiat Dollars for five decades now doesn’t scream “artificial trust” to me. Sure, one day it’ll all go to hell, but then so did the gold standard. If you want to stop politicians from overspending, then stop politicians from overspending. Don’t insist on using an arbitrary element as the reference point for all value. You might as well have a currency backed by CPU hours or bowls of petunias or live Gregorian choir performance tickets.

ClumsyPilot 5y ago
Billions of people go about their day in a country dominated by artificial social credit system, I don't see how this live of argument proves or disproves anything is artificial. Why are 'natural' things suppose to be more stable, we had 'natural' tulip mania? Are mortgage backed securities artificial? Is lending based on Experian's credit rating 'natural'? Is bitcoin natural? I am not seeing how this line of inquiry leads to tangiable information. I don't think we are overspending at all acutely, I think we should be spending a lot more on the real economy instead of inflating unproductive asset bubbles, life we've been since the 70s. I think currency is just an institution, it's no different from parliament or the catholic church, it runs only on faith. If tomorrow everyone looses faith in it, it disappears.
- FredPret 5y ago
  >If tomorrow everyone looses faith in it, it disappears Same with gold, at least in terms of its value