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$\begingroup$ Modern Fiat currency is backed by debt. My house? It is tied to a debt. If I don't produce labour worth money and pay for the mortgage, I lose my house, which is a real asset, to whomever has the money to buy it. Most major companies are also heavily leveraged with debt; if they don't produce money to service their debt, their assets are transferred to whomever is willing to service that debt (possibly at distressed rates). So while fiat money doesn't do things, it in practice represents a real obligation by millions of people to do you a service. $\endgroup$

Yakk
– Yakk

2022-11-26 05:14:13 +00:00
Commented Nov 26, 2022 at 5:14

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