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Date Posted: 12:44:04 09/17/08 Wed
Author: Ari
Subject: Re: Tuesday & Wednesday madness too?
In reply to: Neil 's message, "Re: Tuesday & Wednesday madness too?" on 09:53:00 09/16/08 Tue

Neil sez:

"Agreed. My take is that the whole edifice of capitalist economic theory based on fiat currencies is following the trajectory Von Mises talked about back in the 30s - goes to hyperinflation and bust..."


Well, I'll disagree slightly. I agree that fiat money (a.k.a. debt money) is a massive, worldwide, consensual hallucination.

But, just because an idea is bullshit, doesn't mean it won't last. I think that the fiat money system (much like plastic shopping bags and water bottles) is destined to outlive the pyramids.

Just look at religion: shared hallucinations are among the most pernicious of beliefs...

- Ari

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