I don't think there are too many "paperbugs". Nobody considers his checking account to be an investment or a speculation. Krugman probably has the typical por

I don't think there are too many "paperbugs". Nobody considers his checking account to be an investment or a speculation. Krugman probably has the typical portfolio of a rich guy--Munis, equities, sovereigns, etc. Anyway, fiat is not just social: It's inherently valuable because of the government's requirement for tax payment in it, and for the massive existing short positions. People like Krugman don't say this because it's unpleasant.