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How to fix the economy (lemmy.world)

submitted 1 month ago by The_Picard_Maneuver@lemmy.world to c/curatedtumblr@sh.itjust.works

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[–] IntriguedIceberg@lemmy.world 2 points 1 month ago (1 children)

But then said good only has as much value as we put on it. There's a tacit acceptance of what a group of people decided that good is worth. Its value is as real as we collectively decide it is; it's a construct

[–] Alexstarfire@lemmy.world 1 points 1 month ago (2 children)

Yes, but things like gold have actual uses which give them at least some actual value. Fiat currency is backed 100% by belief.

[–] earphone843@sh.itjust.works 5 points 1 month ago

Gold as a currency only has as much value as people assign to it. It's really no different than a fiat currency.

[–] konki@lemmy.one -1 points 1 month ago* (last edited 1 month ago)

Fiat currencies are actually backed by the tax liabilities denominated in them. If you are liable for one of my business cards, else a guy with a gun shows up at your door, you suddenly have demand for my business cards.