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OK. Go to a shop. Try and buy something with money. If they give you the thing in return for the money, then the currency is evidently working as intended as a universal medium of exchange.
Of course it works at that level, I'm referring to the larger monetary & financial system, not just the spendy bit. Though if my bag of crisps that costs 50p today would cost £50 next week due to a (admittedly rare) hyperinflation event then it'd suggest the system has failed people at that level at that point in time. That kind of event here may force us to choose dollar or euro to reset things.
On cash though, Some folks are nervous about cash being refused in many shops now. I'm undecided. It will be interesting to see if cash returns once the world is covid-safe.
Indeed. But saying that a given system isn't perfect isn't a particularly productive use of bandwidth unless you have a genuine alternative.
I dunno, folks can't voice an opinion without offering a solution? I'm acknowledging that I can't solve this, greater (and more altruistic than our money managers) minds are needed.
conflating the use of a fiat currency with political policies on the economy generally.
Probably. I'm at/beyond the limit of my brain here tbh, as evidenced above no doubt ;)
rhb-
Of course it works at that level,
We are in agreement then!
I'm referring to the larger monetary & financial system, not just the spendy bit. Though if my bag of crisps that costs 50p today would cost £50 next week due to a (admittedly rare) hyperinflation event then it'd suggest the system has failed people at that level at that point in time. That kind of event here may force us to choose dollar or euro to reset things.
The USD and Euro are both fiat currencies though, so that wouldn't change the underlying collective delusion that money is valuable when in fact it has no intrinsic value. Whether or not your currency is a fiat currency or not, the distribution of wealth is essentially a political issue unrelated to the nature of the currency the state in question uses.
I dunno, folks can't voice an opinion without offering a solution? I'm acknowledging that I can't solve this, greater (and more altruistic than our money managers) minds are needed.
You're right, I'm being overly dogmatic. Identifying a problem is a part of finding a solution, even if the solution isn't immediately apparent. However, whether a currency is a fiat currency or not doesn't strike me as being the underlying problem. The underlying problem is the distribution of wealth and the means by which any currency is distributed amongst the population. What form that currency takes, however, is not the fundamental issue I would suggest. Whether it's shells, leaves, precious metals or the collective delusion of a fiat currency.
Brommers
OK. Go to a shop. Try and buy something with money. If they give you the thing in return for the money, then the currency is evidently working as intended as a universal medium of exchange.
Indeed. But saying that a given system isn't perfect isn't a particularly productive use of bandwidth unless you have a genuine alternative. Besides, your comment that 'the path our leaders are dragging us down isn't a good one imo', while I'd agree with it entirely, does seem to be conflating the use of a fiat currency with political policies on the economy generally.