credit. also, monetization of the debt. also, the great depression.
money needs backing, simple as that. without something intrinsically valuable behind every dollar the economy is in a constant state of almost-but-not-quite collapsing. there are two situations where this is prevalent:
first, in the situation that rule 11 describes, where credit in the real world is meant to represent actual, physical money. this is fine, as long as the actual, physical money is still there. but it isn't always, which can lead to complete economic devastation if the stock market decides it wants to kill itself (kinda like the Great depression).
second, in "monetizing the debt." monetizing the debt is when a country simply prints more money to pay off the debt they're in. it'll be ok though, the global market will just shift and change a little bit to account for this new "money," because that's definitely how things work. no, it's not, you flipping retard. that money is worth absolutely nothing, which makes the real money already in circulation worth absolutely nothing, which messes everything up and makes everyone poorer. i mean, at least equality, right?
in short, our economy is in a really, *really* bad place rn.
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