Delete comment from: Captain Capitalism
grey enlightenment said...
You mention the part about money being useful not for its negligible intrinsic value (the paper or metal) but its extrinsic value (what it can buy). That seems to douse cold water on the argument about how it's bad that the dollar is being debased by printing money, because it doesn't matter how many dollars there are out there; what matters is the utility of a dollar and how this utility creates happiness. 100 years ago there were no personal computers, no refrigeration, no uber, no central air conditioning. Money today can purchase a much higher standard of living than 100 years ago, even if fewer dollars can buy an ounce of gold.
Feb 1, 2015, 10:05:31 PM