| > The $500 in paper money is to them "a fiction", as it says in the article. So why would they take a fiction over a real shirt that that gives them real value? He didn't say that fiat currency is a fiction, he said that he is worried that the world economic system might be built on the fiction of fiat currency. Since you can print fiat, it's entirely possible in this current fractional reserve system that most fiat's employ to create a lot of artificial wealth. Just because he's pointing out there could be a bubble doesn't automatically mean he ascribes 0 value to a US dollar, he just won't put his life savings in it. > This rarely changes anyone's mind Mainly because it's a dumb strawman. > but I hope I can at least raise the contradiction to the top of their minds. I really can't see the contradiction in thinking that there is a bubble in currency and still believing that said currency still has value in the current. > All currencies are backed by our willingness to accept them, and that is the only backing that any currency ever needs. Until people aren't willing due to inflation through debasement.... Thats the point.... |