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View Diary: Bitcoin - it's like exchanging Turkish Lira, without the glamour. Or security. (163 comments)

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  •  You're right, and all the more so (12+ / 0-)

    in the type of monetary system we live in today. Money and credit are really synonymous (a concept the Austrian economists, bitcoiners, and other fellow travelers somehow don't like), and thus you're exactly right. Credit represents the productive energy of the economy.

    •  And the number one reason that our money (2+ / 0-)
      Recommended by:
      Wednesday Bizzare, bluedust

      was the world's standard was because of the nations that were victorious in terms of WWII, the USA was the only one of those developed nations that did not have its manufacturing capacity and its "man force" reduced to nothing by the war.

      Other nations had entire segments and territories of their manufacturing base bombed back to  the Stone Age. And in the case of both Germany and Russia, manpower itself was a problem. Soviets saw their young men butchered by the Nazis, and  in Germany, most adult males were shipped off to serve as cheap slave labor in Siberia and other similar Gulags.

      However, we are no longer manufacturing very much. Most of what we do export happens to be armaments and weaponry. An entire segment of the actually productive end of our economy, in terms of products, ends up eaten away by the Big Banking people. Also, governments from African continent to China, do not want our farmers' surplus GM crappola crops and all their  infested molds and fungal matter, so even our farmers see the end of the export era.

      Forty eight billion dollars a year is taken from bank accounts belonging to people who work at low wage jobs,  and seized by  the Big Banks in terms of NSF penalties. So people who make things, like hamburgers or else who do service work, get nothing, while the Banks get so much.

      And then the Banks also get oodles of money from both the Fed Reserve and from the bailouts and various tax giveaways and corporate welfare programs.

      This is not a productive society, so it is going to happen that we one day wake up to  find out that some other nation supplants us in terms of an actual product-based economy.

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