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phs318u 3 days ago

And yet not all pieces of paper are believed to be equal. Some pieces of paper will buy you a loaf of bread and others will buy you a tank full of gas. The difference lies in the magic squiggles printed on the pieces of paper. In other words, the belief that a certain number value equals a fair exchange for a physical good or service. This is a consensual belief. If an extra 0 appeared magically overnight on every piece of paper, what has changed? People will believe they have “more” than they did before. If instead of magic, the government announced a policy of reissuing recycled bits of paper that have had an extra zero printed on them, would people believe they had “more”?