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    • Thu, Mar 28, 2013 - 04:16pm

      #34
      Gatortrapper

      Gatortrapper

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      Joined: Mar 27 2013

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      Money is debt

    I think the idea that money is debt is that fiat money is intrinsically valueless and that only the social compact between consumers gives it any value. This relates to the concept that money is a "claim on wealth" but not wealth. Wealth comes from a variety of tanigible items from gold to real estate. Money is only a "marker" that represents a claim to exchange it for wealth.

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