Brian McFadden for October 05, 2021

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    Daeder  about 2 months ago

    I was hoping for Alpha Romeo currency.

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    Concretionist  about 2 months ago

    Janet Yellin is the Secretary of the Treasury. Some people have suggested that Biden issue a single $Trillion bill to finesse the GQP’s attack on business as usual because it’s Democrats in charge. Such a bill would have “fiscal reality” even though it has no intrinsic value.

    Scanning left to right, top to bottom…

    Crypto, which is a form of NFT, is “mined” by doing a lot of heavy duty encryption calculations, which RIGHT NOW are using a significant fraction of ALL the world’s computational resources. And generating a humongous amount of waste heat in the process.

    But wait, why not just issue a stone $T token. Because that would be just as real as a bill.

    … or a coupon: equally real.

    “Fiat” is latin for “Let it be done”. In a monetary context, it says that a big organization my simply create “money” by saying that whatever they create is money. “Fiat pecunia”.

    So, indeed, money and monetary debt IS a product of an agreement among us all to treat money as though it were real, even though it’s not. However I disagree with this cartoon Yellin’s penultimate pronouncement. Regardless of how we measure it, if you owe someone, the fact that money’s a societal dream or delusion doesn’t change the nature of debt.

    Thanks for your time.

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    Renatus Profuturus Frigeridus Premium Member about 2 months ago

    That’s a model 1100 Fiat from the early 60es. At those times was a car for wealthy people.

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    GOGOPOWERANGERS  about 2 months ago

    Debt is relative to GDP I believe US GDP is probably 2-3 times the size of the debt they could easily pay it off in a year

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    VegaAlopex  about 2 months ago

    It’s been fiat currency since Nixon took us off the gold standard in August 1971.

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    William Bednar Premium Member about 2 months ago

    “Fake Money”. Brought to you by the same people who tell you ingesting “ivermectin” prevents and cures Covid=19. Even though, at the same time, these same people tell you Covid-19 is “Fake News” and/or a “Democrat hoax”. Makes Mark Zuckerberg look innocent.

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    pamela welch Premium Member about 2 months ago

    Nicely done Brian!

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    seamusrmacdonald  about 2 months ago

    There are two kinds of money-the kind we ordinary folks work to earn and spend, and pay tax on, and the money that ‘magically’ appears through share price appreciation (The Forbes 400 richest list just published shows the richest 400 enjoyed an appreciation of 40% in average wealth over the past year. 40%!!!! This would, almost entirely, be due to share price appreciation=magical money) and central banks increasing the money supply.It has always been thus. During the 1930’s governments had no money to ease the suffering of the masses. They could do nothing, or so they said. BUT…………when the war started, all of a sudden money was found. It was a miracle!!IF the Reserve Bank could just give money directly to the people who most need it, much less monetary stimulus would be needed, but since that is not within the purview of Reserve Banks, it must be doled out via the government and retail banking system who, of course, make sure that those who need it the least get the most.

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