Oddbean new post about | logout
 Money = Who Owns What 
Credit = Who Owes What To Whom 

They are similar, but not the same. One requires identity, the other doesn't. One requires trust, the other doesn't. Both arise naturally. Both are important. Only one of them can be sound. Only one of them extinguishes the other. 

In 1971 we have killed money proper, and we've acted like they are the same ever since.