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Mitt Romney and the myth of self-created millionaires
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reply to post by defcon5
Just a minor correction...
This is not correct as the backing is not done with present and real work (or even real assets) anymore. The value today is mostly based in projected ratios of production (work and goods) a long way into the future, that is there is much truth when people call fiat money, fake money as it really has nothing to back it on the present.
This also is why they do what they call qualitative easing, that is simply a devaluation of currency, they produce fake money now towards what they expect will be a slow depreciation in the future or an increase in production (work and goods). That logic has now been put in front of the public as false and deceitful to a point it has been that realization that there will no future production that will match the volume of money being put now in circulation...
Things are going to get very strange from now on, they have delayed the inevitable reform, turned it into a inevitable collapse and are left with what will be utter chaos.
I still wonder if other perceived reserves goods like gold are truly real, from fake gold (especially national reserves) to unrealistic reserves of oil...
This then bring us to other types of reserves like diamonds, art or antiques and even knowledge and law itself it will all go down the drain with the collapse of civilization and institutions that support it. This has been so and it will be again, it is not a question of if it will happen but when, since those in power to make the drastic and required changes seem not to have any relation with the reality unfolding around them (I have an hard time to accept that it is simple incompetence, like a blind man kicking a can at the edge of a cliff in hopes that there will be plenty of opportunity to kick it again)...
Just a minor correction...
Everyone gripes that our fiat money has nothing to back it, but that is not entirely true, its backed by the human labor that this country produces.
This is not correct as the backing is not done with present and real work (or even real assets) anymore. The value today is mostly based in projected ratios of production (work and goods) a long way into the future, that is there is much truth when people call fiat money, fake money as it really has nothing to back it on the present.
This also is why they do what they call qualitative easing, that is simply a devaluation of currency, they produce fake money now towards what they expect will be a slow depreciation in the future or an increase in production (work and goods). That logic has now been put in front of the public as false and deceitful to a point it has been that realization that there will no future production that will match the volume of money being put now in circulation...
Things are going to get very strange from now on, they have delayed the inevitable reform, turned it into a inevitable collapse and are left with what will be utter chaos.
I still wonder if other perceived reserves goods like gold are truly real, from fake gold (especially national reserves) to unrealistic reserves of oil...
This then bring us to other types of reserves like diamonds, art or antiques and even knowledge and law itself it will all go down the drain with the collapse of civilization and institutions that support it. This has been so and it will be again, it is not a question of if it will happen but when, since those in power to make the drastic and required changes seem not to have any relation with the reality unfolding around them (I have an hard time to accept that it is simple incompetence, like a blind man kicking a can at the edge of a cliff in hopes that there will be plenty of opportunity to kick it again)...
edit on 26-9-2012 by Panic2k11 because: (no reason given)
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