Oddbean new post about login | logout What is the dollar backed by? Loans To people For houses and cars and businesses and government spending New dollars created and backed by these obligations to pay You and I are the reserve asset that underpins the system The dollar is backed by you and me promising to work and pay Literal slave money The Slavery Standard
It’s backed by pure violent energy. Men with guns & the ability to wipe you off the planet at any time for any reason.
Actually, thats what it is secured by, which is terrible but different. What it’s backed by (exchangeable for) is debt obligations. The gold standard was also enforced by men with guns. But you and I and our mortgages have replaced gold. We are the reserve asset.
And all this bullshit bids up the price of everything
Yes, loans and taxes. Remember everyone has to pay taxes in $. Another aspect of slave money.
Another form of the same thing - people on the hook promised to pay
I thought it was backed by men with guns who are backed by the dollar which is backed by men with guns who are backed by the dollar which is..
It’s secured by those things, but it’s backed by slaves The assets on the bank’s balance sheet are all loans When they settle up, they trade loans Loans are slave titles They trade slaves when they settle up
