| It's interesting to me how visceral of a reaction the ideas that underpin this article create in so many different individuals' comments I've read in threads like this, despite economics and monetary policy typically being so boring. One of the fascinating threads to pull within it is the origin of debt and credit creation. It raises some fun questions (some of which are just more random offshoots related to my interests than monetary policy or economic theory): 1) Did all private wealth held in USD originate as monetized federal debt at one point? 2) If banking systems didn't have access to fraction reserve systems, would they be effective tools for debt/wealth creation? 3) Is debt creation the same was wealth creation? How can labor and commodities even be effectively monetized without fluid systems of debt creation? 4) If the lowly game of poker was once used as way to build ad-hoc credit and wealth, before more sophisticated financial systems were more commonplace, how rigidly should we look at debt creation at all, federal or otherwise? Perhaps more gamified and ad-hoc systems would create a higher baseline of wealth globally? [1] So many interesting questions. 1: MIT 15.S50 Poker Theory and Analysis, IAP 2015 https://www.youtube.com/watch?v=IZZ4y5GfdOU |