| ▲ | groundzeros2015 an hour ago |
| Bit flips in a database = years of people’s labor and planning |
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| ▲ | nixon_why69 an hour ago | parent | next [-] |
| No, it's literally just bitflips. The supply of dollars increases by trillions a year between fractional reserve banking and, depending on the year, fed policy. We're not even printing them. |
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| ▲ | groundzeros2015 an hour ago | parent [-] | | Indeed. And according to MMT what that does is claim economic output for the government (work resources etc), without direct taxation. |
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| ▲ | wat10000 an hour ago | parent | prev [-] |
| An arbitrary score that's meant to represent said years, not the actual output of those years. It's important to remember that money is not value. It's a score that's meant to represent value, but the value itself is entirely distinct. |
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| ▲ | groundzeros2015 an hour ago | parent [-] | | People literally work their lives for that representation. It’s not the value itself but it’s a way to store and transfer certain kinds of value. | | |
| ▲ | wat10000 39 minutes ago | parent [-] | | It's a way to represent that value. The number does not itself store the value, nor does changing the number transfer the value. It's true that people work hard for that representation, because we've built systems where the link between the representation and the underlying value is quite strong, but it is still just a number at the end of the day. | | |
| ▲ | groundzeros2015 29 minutes ago | parent [-] | | That number that you don’t think is real lets you claim actual resources now and in the future. I think you should equally be confused about abstractions such as university credentials, or citizenship. |
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