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   Aral Balkan (aral@mastodon.ar.al)'s status on Sunday, 21-May-2023 20:44:36 JST Aral Balkan

   Money is a legal fiction.

   • Embed this notice
     Hackersquirrel (hackersquirrel@gnulinux.social)'s status on Sunday, 21-May-2023 20:44:35 JST Hackersquirrel

     in reply to

     @aral
     Every social construct is fiction. It's our participation in social fictions that allow us to get along.
     This includes believing that money has value. It's not real, but it is useful.

     clacke likes this.
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     clacke (clacke@libranet.de)'s status on Sunday, 21-May-2023 20:55:40 JST clacke

     in reply to

     • Kramer Peace

     @kpeace @aral It can't be more precise when it's making claims the OP doesn't.

     1. Societies without money exist
     2. Only if one subscribes to the debunked hypothesis that receipts for gold are the origin of money
     3. See 2

     That said, the OP is not right either, or more generously it's incomplete and only describes part of what most of today's money is, as it's a social construct older than the laws regulating it.

     In modern times, the street economy of the former Yugoslavia used the German D-Mark years after it had any legal basis.

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     Kramer Peace (kpeace@liberdon.com)'s status on Sunday, 21-May-2023 20:55:45 JST Kramer Peace

     in reply to

     @aral So maybe a more precise way to put it is:

     Money is societies most basic necessity.
     Fractional reserve banks are based on fraud.
     The gold Debasing the dollar by FDR and Nixon was the biggest monetary crime in human history

   • Embed this notice
     Aral Balkan (aral@mastodon.ar.al)'s status on Sunday, 21-May-2023 20:55:46 JST Aral Balkan

     in reply to

     • Kramer Peace

     @kpeace I was merely stating a fact about the fractional reserve system we have today. Money is literally magicked from thin air the moment a bank records a loan in its ledgers. Here’s a good article if you want to learn more about it:

     https://www.sciencedirect.com/science/article/pii/S1057521914001070?via%3Dihub

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     Kramer Peace (kpeace@liberdon.com)'s status on Sunday, 21-May-2023 20:55:47 JST Kramer Peace

     in reply to

     @aral
     History kind id disagrees with you...