Fiat trade runs on unbacked credit.
Let the bubble burst and see for yourself his much trade will be facilitated on the basis of paper securities. It'll be close to zero.
I hear that wrong belief often.
But fiat money is monetised government debt, thin air.
Goods move through credit. Goods itself are proof of work. Goods back trade credit which is self liquidating upon the goods’ sale.
It is crucial to understand this.
But fiat money is monetised government debt, thin air.
Goods move through credit. Goods itself are proof of work. Goods back trade credit which is self liquidating upon the goods’ sale.
It is crucial to understand this.