Im not a college graduate or anything. I just know having a currency backed by nothing has never worked long term at any point in history.
IOUs aren't money. There isn't enough money in bank vaults for everyone to take all their money out of the banks. There isn't even enough cash printed.
It doesn't take a smart person to know that's not a good system. Loaning money back and forth creates imaginary money that isn't availible if all of the people involved need the money at the same time.
2021 with Mutant coronavirus B117
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Im not a college graduate or anything. I just know having a currency backed by nothing has never worked long term at any point in history.
IOUs aren't money. There isn't enough money in bank vaults for everyone to take all their money out of the banks. There isn't even enough cash printed.
It doesn't take a smart person to know that's not a good system. Loaning money back and forth creates imaginary money that isn't availible if all of the people involved need the money at the same time.