Not unlike the pilot ponzi scheme going around pubs, homes and even halls in the 1980's.

Worth a watch....!

The big question is when will nations no longer support it and then if that happens.....the CRASH.......!!!

And then the young ones growing up today (the Eloi) who have been brainwashed into thinking the system we have today is a good system and defend it at every opportunity wonder why houses are one million dollars and their degrees cost one hundred thousand dollars.

And they cannot get a job.

Wake up FFS or suffer the consequences like you already are.

Ajax wrote on May 8^th, 2021 at 9:45am:


Yadda wrote on May 8^th, 2021 at 12:01pm:


For once Yadda is actually right

Money has never had any intrinsic value, that is the whole point of it. Unless you want to return to a barter economy then you have to accept that currency is just a means of exchange.

The fallacy that the youtube video falls for is the assumption that Gold has an intrinsic value.
Gold is nothing more than a rock, it doesn't even have any industrial uses. It's value relies completely on the human perception that it is valuable.

That youtube video was actually laughable. Just another preacher that "the end is nigh"

Bias_2012 wrote on May 18^th, 2021 at 1:40pm:


Actually, central banks learned from the Great Depression, (and JM Keynes)  and hence in 2008 (and in the present pandemic) managed to avoid another long-term mass-unemployment disaster, as unfolded beginning in 1931. 

And who was "robbed" by the central banks "to pay Paul", in these later much more successfully managed crises?

Quote:


Actually you don't realize it, but you have figured it out your -self, except you are thinking in micro- and not macro- economic (national) terms.

Fact: money is merely an IOU issued by government, which ALWAYS has value (in contradiction to the OP's title) provided the nation's productive capacity remains intact ie the capacity to produce real goods and services...money is irrelevant, for a currency-issuing government with its own treasury and central bank.

The difference between you, with all those "tangible and practical  assets"  which  will "come in handy in bad times for a bit of money", and the nation on the other hand,  is that the government, unlike you,  can never 'run out of money' (provided it doesn't borrow in foreign currencies). 

Study MMT to gain an understanding of fiat currencies in the present  post gold standard era.

And depending on your current knowledge of economics. here is a concise, easy to read  explanation of the ins and outs of central bank government bond issuance:

(google; since I can't as yet provide live links):   

Ross Gittins money printing is closer than you think