You are viewing a single comment's thread from:
RE: [Heal the Bern] What Makes Money Valuable?
The fact that you use something as a currency subsidizes somebody to produce that currency.
It's wise to pay attention to what we are subsidizing with our use of a certain commodity as a currency.
These are very insightful words.
Exactly. That's really the point of this video, is to stress that idea. We don't often think about the externalities involved when we choose to imbue a currency with the value of our labor, but those externalities are very real. In the case of Federal Reserve Notes, we're funding perpetual war simply by accepting their dollars as payment for our valuable work.
The interesting question is this: do we subsidize the FED when using Steem Dollar?
I guess not. We take the benefit of a ubiquitous currency but skip the evil subsidizing bit - am I right?
Right, because demand for SD does not increase demand for FRNs. If anything, demand for SD decreases demand for FRNs. An SD is a dollar worth of debt from the holders of Steem Power. A FRN is a dollar worth of debt from US income taxpayers.
When using LEGAL TENDER DOLLARS, a person is subsidizing the LEGAL slavery system.
The words "THIS NOTE IS LEGAL TENDER" on a dollar note mean "THIS PIECE OF PAPER IS AN UNCONDITIONAL OFFER FOR LAW".
If you accept these dollars, you accept to be bound by the legal acts, codes and statutes of those who back these dollars.
You've probably heard these 2 before : "The only vote that counts is how you spend your money" and "The consent of the governed" ?
Well if you "vote" for/by using legal tender dollars, then you consent to be governed by the laws of those who back those dollars... And we all know what those dollars are backed by : The legal system most of us are sick and tired of.