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All money is a promise? Oh yeah?
Fantastic interview – Max Keiser and Steve Keen. This one’s all signal… listen up!
A couple of signals:
1. The banks gambled and lost which resulted in vats of toxic debt. The government, acting on our behalf, bought the poison from them at 100% book value. Bottom line: We (you and me brother) are now the proud owners and on the hook for the debt while the banks wallow in our money and are back at it again – hanging out in the playground selling drugs to our kids.
2. “All money is a promise”. Steve Keen says the idea that we will pay for a book on Amazon by sending in gold coins is silly. So we will always have some instrument that acts as a ‘promise to pay’ even if we are on some type of gold standard. Well guess what… bitcoins are not a promise – payment is instantaneous, fee-free, and non-reversible. That’s an idea whose idea has come!
