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RE: If value is just perception, then there must be some value in a piece of paper

in #banks7 years ago

Value is such a strange thing to me. I get it both theoretically and practically, but it's still weird. I don't buy the whole idea that fiat money isn't real because it's not backed by gold, but I do agree that it is a flimsy system that is coming undone. Something has value because people say it has value, and therefore it is real.

What I didn't realize until I was well into my twenties (probably because of the '08 crash) is that banks are businesses. They're not infallible, and their existence isn't permanent. They exist as long as we give them legitimacy and continue to do business with them.

Nie post, @ubg. Thanks for sharing :)