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Scarcity is actually an incredibly valuable property. Control over gold production meant control over the money supply. Otherwise, anyone could inflate your cur
by hiddencost 3y ago
Scarcity is actually an incredibly valuable property. Control over gold production meant control over the money supply. Otherwise, anyone could inflate your currency into oblivion.
- WalterBright 3y agoJust imagine what would happen if the money supply consisted of pieces of paper that the government could print any time it wanted more money!
- jamiek88 3y agoUnprecedented wealth and living standards? it’s not very evenly distributed wealth but our enormous economies are not limited by supplies of an arbitrarily valuable metal. All money is imaginary anyway.
- WalterBright 3y agoYou can't print wealth from a printing press.
- namaria 3y agoWait until you learn that banks can just make more money by increasing numeric values in databases. "Money supply" is very poorly understood in armchair denouncements of modern central banking.
- WalterBright 3y ago> Wait until you learn that banks can just make more money by increasing numeric values in databases. I know how fractional reserve banking works. That "more money" is represented by the collateral for the loan.