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.
“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.
Daeder over 2 years ago
I was hoping for Alpha Romeo currency.
Concretionist over 2 years 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.
Renatus Profuturus Frigeridus Premium Member over 2 years ago
That’s a model 1100 Fiat from the early 60es. At those times was a car for wealthy people.
GOGOPOWERANGERS over 2 years 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
VegaAlopex over 2 years ago
It’s been fiat currency since Nixon took us off the gold standard in August 1971.
William Bednar Premium Member over 2 years 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.
pamela welch Premium Member over 2 years ago
Nicely done Brian!