Comment Re:good time to become a loan shark (Score 1) 353
There is a small but significant difference between money and "real" things.
"Real" things have uses that are independent of perceived value (often they correlate but not necessarily, as you say, things are worth what we agree they are). eg. I want gold to make connectors for my stereo, if the whole world decides gold is worthless I don't care, it still conducts signal.
Money doesn't have any use beyond it's perceived value. It's usefulness *is* its value, if the whole world decides it's worthless, it also becomes useless.
"Real" things have uses that are independent of perceived value (often they correlate but not necessarily, as you say, things are worth what we agree they are). eg. I want gold to make connectors for my stereo, if the whole world decides gold is worthless I don't care, it still conducts signal.
Money doesn't have any use beyond it's perceived value. It's usefulness *is* its value, if the whole world decides it's worthless, it also becomes useless.