3 ms·
> The notion of "hard money" is a joke. Why? I don't even think modern Keynesians would argue against commodities this confidently, maybe MMT's would?
by latency-guy2 3y ago
> The notion of "hard money" is a joke.
Why? I don't even think modern Keynesians would argue against commodities this confidently, maybe MMT's would?
- taliesinb 3y agoI guess we should distinguish money from commodities, though? For money to mean something different to commodities, it must enjoy a privileged legal and social role, by virtue of its ability to satisfy tax obligations to the state and debt obligations to other private citizens. I guess the "joke" is that we used to think the value of money derived primarily from its commodity backing. Which was maybe true in some particular historical periods but not true whenever state power was durable, as it is today.