Pick if you want, I got one guy moving goalposts trying to push me in a corner because I originally said nothing more than debt can be a tool or a noose depending on how you use it in response to a guy on social security who says he's "free" because he doesn't have any debt even though he depends on .gov for part of his income that is derived from taxes and debt levied on people who aren't even born yet. Then all of a sudden it's like I'm besmirching the American or Global economy.
I definitely lean toward money is an artificial construct in today's world. Nothing highlights that more for me than crypto. Crypto is literally value created from nothing but a few clock ticks on a CPU. Hell, there are a bunch of places around here that won't even take cash, just digits. So, no, I don't believe enough physical money exists to cover everything added up.
I'm not the one claiming money is created from nothing. If anything I'd more likely be the one who would say you can't create more of what doesn't exist to begin with.
We're all just trading numbers for stuff at this point and some portion of those numbers do have tangible and physical representation. But we're a long way away from a piece of gold being behind every dollar.
I just feel like I have enough numbers accumulated at this point to sustain my way of living for a while and how long that may be depends on a quadrillion variables outside my control.
Specifically on your capital point. I let it go earlier but I *think* banks are supposed to have "cash" to back some loans just not all loans. Does it have to be "real" cash? Who knows.
If you dip into tangible assets like land, houses, vehicles, etc. then everything is squishy. I can contract a builder to take $100k of material and turn it into a $200K asset called a house for which I can get a bank to finance the purchase and "hand" the "money" to the builder. Did I and the builder and the tree company "create" money?
Same thing for land. I can buy 600 acres off in the weeds between here and Dallas for $1000/acre then divide it up and sell it for $100k/acre. Did I "create" money?
If I bought a 2025 Escalade for $100k or whatever they cost then drove it off the lot such that it instantly became worth $80k did I just destroy money?
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