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I don't agree with your description of money creation as a primary means of creating value. Surely value is created by human endeavour and currency is just a co
by ndsipa_pomu 4y ago
I don't agree with your description of money creation as a primary means of creating value. Surely value is created by human endeavour and currency is just a convenient means of tracking that?
If there was a bank that just continually created new money and gave debt to everyone, then do you believe that they are creating value and presumably a society could exist purely from the value created by these numbers?
- matheusmoreira 4y agoI don't agree with it either but it is the model employed by banks today. Money is literally backed by nothing but debt.
- ndsipa_pomu 4y agoYou misunderstand me. Money is indeed created by banks creating debt, but money is not the same thing as value. It's used as a convenient way to exchange value, but if you were stuck on a island with no-one else, you wouldn't find money to be of any use.