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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.
I hadn't meant to imply otherwise, just stating that this would be the likely "correction" if pound sterling fails. There'd be chance euro or dollar could fail similarly eventually, that chance is always there.
I like the term collective delusion.
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.
Shells, leaves, precious metals, or even grains of sand would all ultimately be finite means of currencies, whereas collective delusion is potentially infinite.
This means that the wealth inequalities we both agree are a problem can become orders of magnitude bigger than with any of the finite currencies, even grains of sand (eventually).
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rhb
We are in agreement then!
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.
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.