Thursday, September 2, 2010
Exactly WHAT is money?
Currency has a phrase printed on it, "In God We Trust". Because God help us if we stop trusting that money will get us what we want in a transaction. Barter sucks. And we're not on any kind of Gold Standard. In other words, ONLY faith, trust and confidence that our electronic digits in a bank account can allow us to buy what we want keeps it going. NOTHING backs up our US Dollar other than that intangible, ephemeral concept. http://www.theonion.com/articles/us-economy-grinds-to-halt-as-nation-realizes-money,2912/
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Share your unique economics experiences. What did you have to give up to gain that which at the moment seemed so necessary to you? Imperfect information spanked you and now diminishing marginal utility smacks you upside the head, eh?