Comments by "DynamicWorlds" (@dynamicworlds1) on "The Majority Report w/ Sam Seder" channel.

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  322. Please go look up "Debt the first 5000 years." to dispell the rediculous notions of the origin of money hypothesized by Adam Smith (and debunked by the entire field of anthropology) Real money (including, yes, fiat, which is a misnomer) isn't some magic thing invented to smooth out barter, but instead represents (dirrectly or indirrectly) paid debt to those who work outside the market in some form of public service. It is spent into the economy to pay public servants, and it has value for them to trade in the market economy because the taxes (which are, functionally, a confirmation that you have paid your debt to the people that make your civilization possible) create an effectively universal demand for said currency. The problem with our currency isn't that the government can issue as much of it as they want. The problem is that private, for-profit banks are in control of most of the creation of money in our system (look up "sovereign money" for schools of thought which actually counter those issues) Gold and cryptocurrencies both have the problem of a largely finite supply, meaning that the supply of currency cannot grow to match a growing economy, which means that any growth in the economy not matched by a comperable aquisition of your chosen monitary unit will produce deflation (which is bad for an economy). On top of that, their current price (especially for cryptocurrencies) is only there because new people keep putting real money into the system. In short, cryptocurrencies are impractical on a large scale for multiple reasons and fit the definition of a Ponzi scheme and gold's problems are long documented. Once we dispell the myths about money (and take back control of our government from the moneyed interests) we will be able to fix the problems with our current system fairly easily.
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