Article

2010-02-17 -Short Attention Span Theater-

U.S. Economy Grinds To Halt As Nation Realizes Money Just A Symbolic, Mutually Shared Illusion

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Posted by Mike 2010-02-17 16:32|| || Front Page|| [6 views ] Top

#1 It is symbolic and mutual, but not an illusion.

Money represents the time exchanged in the economy, mediated by the relative productivity* of the participants.

Productivity means the ability to fulfil a shortage, it can also unfortunately be a case where "productivity" is artificially high because of the state enabling rent-seeking.

Posted by Bright Pebbles 2010-02-17 17:14|| 2010-02-17 17:14|| Front Page Top

#2 By the time Bernanke is finished it will be an illusion.

Posted by DoDo 2010-02-17 17:20|| 2010-02-17 17:20|| Front Page Top

#3 Moneys value depends on it being used as a proxy for peoples time.

i.e. temporal barter.

If the state breaks the temporal barter, so that either not spending a currency makes you richer (deflation) or holding a currency makes you poorer (inflation) then people cease to use the currency.

Once people cease to use the currency it's Game Over.

Posted by Bright Pebbles 2010-02-17 20:06|| 2010-02-17 20:06|| Front Page Top

#4 Rantburg U rules!!!! :-D

Posted by trailing wife 2010-02-17 23:41|| 2010-02-17 23:41|| Front Page Top

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