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View Diary: Is this really Mitt Romney's closing argument or is he moonlighting as a standup comedian? (100 comments)

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  •  The dollar is like a letter of the alphabet. (0+ / 0-)

    One person's use of it neither reduces nor increases its value. Consider that it is estimated that forty trillion dollars of asset value was lost during the 2008 recession. Since all or most of the real assets yo which that value was attached is still extant (unlike the fifty billion that got washed out to sea via Sandy), it is fairly obvious that value was a figment of the imagination, quantified in terms of dollars which are unreal. Just as a measuring tape makes an inch tangible, a dollar bill makes something of value that is owed to someone else tangible. That is, certificates of value issued by our government make it possible to hold what we owe and are owed in our hand. The paper dollar and the electronic blip at the ATM, however, have no intrinsic value. That currency used to be made out of semi-precious metals was a distraction, in part because it tempted people to hoard "the pretty."  Unfortunately, we have now discovered that not only will people hoard worthless dollars, but other people reinforce their behavior by pretending that hoarding minimizes the supply and the imagined scarcity makes the worthless worth something, after all.
    The illusion of riches has great persistence.

    We organize governments to provide benefits and prevent abuse.

    by hannah on Sat Nov 03, 2012 at 03:20:58 AM PDT

    [ Parent ]

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