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What do they think money is? It's basically just fungible units of "confidence". Or maybe "trust" is a better word. That goes for gold as well as the "fiat" var
by drcube 15y ago
What do they think money is? It's basically just fungible units of "confidence". Or maybe "trust" is a better word. That goes for gold as well as the "fiat" variety.
- javascriptlol 15y agoYou have misinterpreted this completely. The linked PDF doesn't mention fiat currency once. NNT says a lot of bullshit, but it's amazing how willing people are to comment without even reading the paper and taking some time to reflect upon it.
- drcube 15y agoNo, but it did mention "confidence". My point is that that is the entire basis for money. Deep down, the economy is psychological. You can't "shrug it off" and "remain robust" when the people who make up the economy stop believing in it.