https://blog.p2pfoundation.net/dmytri-kleiner-against-the-ideology-of-gold/2011/12/10 Researching, documenting and promoting peer to peer practices Sat, 17 Dec 2011 06:46:16 +0000 hourly 1 https://wordpress.org/?v=5.5.15 https://blog.p2pfoundation.net/dmytri-kleiner-against-the-ideology-of-gold/2011/12/10/comment-page-1#comment-488257 Sat, 17 Dec 2011 06:46:16 +0000 http://blog.p2pfoundation.net/?p=21538#comment-488257 wait a mo
if money is a debt
that means if someone has £1m
then they are £1m in debt
hmmm…
now that’s a *weird* thought…

]]> https://blog.p2pfoundation.net/dmytri-kleiner-against-the-ideology-of-gold/2011/12/10/comment-page-1#comment-488025 Mon, 12 Dec 2011 15:20:09 +0000 http://blog.p2pfoundation.net/?p=21538#comment-488025 Not to mention the typical goldbug is also a staunch capitalist. Meaning that they seem to think that the trappings of capitalism like equity markets could still exist with a specie currency. But if you look at how equity markets operate, they are creating and destroying “wealth” all the time; every second they are in operation. If you have a company with 1 million shares trading at 10/share, then I buy but a single share at 11, the company’s “market capitalization” has just increased by 1 million, not 1. How can you reconcile this with a finite money supply?

]]> https://blog.p2pfoundation.net/dmytri-kleiner-against-the-ideology-of-gold/2011/12/10/comment-page-1#comment-487940 Sat, 10 Dec 2011 21:51:46 +0000 http://blog.p2pfoundation.net/?p=21538#comment-487940 I think Graeber put it best when he pointed out that money – all money – is essentially an IOU, a debt. Advocates for a gold standard who rant on about the “immorality” of fiat currency don’t seem to understand that all money functions the same. You could have pomegranates as money if people accept them as such.

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