Do you know where money comes from?

I got knocked stupid about it.

It grows on trees.

If we cut down all of the trees we’ll have no money.

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Curiously enough, money comes out of thin air!

Historically or practically? The history of money is actually really interesting, from the early days of barter, to metal coins, to the gold standard and fiat currency. Wikipedia has some fair articles about it.

Practically, it gets printed by the central banks of whichever country is issueing it, and it usually says “this dollar is worth one dollar”, or something similar. It’s worth something because people agree it is worth something, in reality it is just paper. That is the meaning of “fiat currency”.

In the days of the gold standard, money was worth a certain amount of gold. You could actually take the paper and exchange it for a few pieces of gold. But they found out the amount of gold in the world was limited, and it wasn’t practical beyond a certain point to keep the exchange mechanism in place.

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Someone once said it was from Uranus. They could have been trolling me though. Gee golly :slight_smile:

I think the issue is our value system needs to be updated, instead of making it more singular how about diversifying our currency so that there is more push and pull towards economic standards, IE have bitcoin accepted but also have the U.S. dollar accepted and if foreign allied countries are frustrated with the U.S. dollar and maybe banks want the Gold standard for more secure assets, allow that as well- but develop a standard where all forms of currency are accepted and equally exchangeable, no singular currency or universal currency trumps the other but a standard of success depends on the equality of compensation across the world. If the U.S. wants to succeed it can’t compete by buying up the money market, that will cause a Global catastrophe and pretty much end capitalism and banks in the process the solution would be to allow free trade and competition standards to be set through organizations, businesses, private and corporate, and to allow individual persons to create their own business models outside regulations imposed by a secular agenda. :slight_smile:

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I think that all gold backed currency systems have failed in the past. Am I right?

Gold backed currencies lasted for a long time - they go back to the days of the invention of fractional reserve banking, so quite a few hundred years. They failed largely because the money supply grew beyond the level that the gold supply could sustain, back in 1972. So in fact fiat currency is quite a recent invention, and we will have to see whether it can stand the test of time.

Lots of people have said that the current explosion of money supply that has happened after the 2008 financial crisis may eventually expose problems with currencies that are not asset backed, and force a readjustment of the value of money relative to the value of other assets. We will see, the 2020-2030 decade should be interesting.

It comes from my family-my grandfather, my mother, my kid brother, my sister, my stepfather.

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I’ve heard one theory about why the west surged ahead around the 1500’s was because its economy was stimulated by all the gold and silver the Spanish looted from South America.

the intergalactic banking clan.
take care :alien:

My mom always told us as we were growing up to not put coins in our mouth because we didn’t know where they had been. But sometimes I couldn’t resist putting several pennies in my mouth at the same time anyway.

Money comes from our collective imagination. It only has worth if people believe in it.

It’s fairy-dust; it’s Tinkerbell.

I was there at the start of bitcoin. My friend and I unsuccessfully mined them. That opened the eyes of EVERYONE in the financial game and changed transaction history.

Somethings got to give.

That is an understatement.
I see it going either full anonymity or under a magnifying glass.
I’m voting former.

Money in England has no value. it says on the notes “The Bank of England: I promise to pay the bearer on demand the sum of £xx” It’s basically an IOU