In previous videos I have explained that money is not asset-backed now. The only thing that gives money its value is the government’s promise to pay.
No. One of the things that gives money value is the promise to pay. But not the only. Bitcoin isn’t a very good money, it’s not all that convenient etc. There is no government promise to pay yet it has value. QED.
In this video I explain that the limit on the government’s ability to create money is not now the amount of gold it has, but instead the resources it can command in the real economy that it manages. Those resources are at their limit when there’s full employment – and for that reason full employment is now the point where the limit to money creation is reached.
No, full employment is a limit, not the limit.
Venezuela has inflation, Venezuela does not have full employment. QED.
It’s the painfully misplaced absolutism that jars…..