tag:blogger.com,1999:blog-328187388919034177.post6910665800492764722..comments2022-03-29T15:25:50.802-07:00Comments on HoltesThoughts: Money isn't a Bubble or a Ponzi SchemesChris Holtehttp://www.blogger.com/profile/01776805168003457665noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-328187388919034177.post-64158614170124988492012-10-25T11:56:57.710-07:002012-10-25T11:56:57.710-07:00Money is evidence of a legal relationship, a relat...Money is evidence of a legal relationship, a relationship of debt. The existence of money is therefore evidence of an outstanding debt. This relationship, this 'money', is brought into existence when someone goes into debt makes a promise to repay it i.e. honour it. Money is therefore 'promissory' and thus derives its value from the fact that it is a 'claim' on somebody; it is 'backed', if you like, by debtors' obligation, under the force of law, to honour their debts/promises. <br /><br />So, whilst I agree with you about the value and sustainability of both money and Social Security, money itself needs to be understood as more than just a social construct. It's also worth noting that if money comes into and out of existence as we go into and out of debt, then it might serve us to look more closely at claims that we 'borrow' our way into debt. Anonymousnoreply@blogger.com