Eleutheros

Eleutheros in the southern Appalachia, I read his blog as often as he post which is not often because he is busy living and working to feed his family.
This morning I drooped by and was delighted to see he had commented on the current economise happening. I will post part of his post below. To read it in full click on the title of this post and spend some time reading "milesfrombabylon.blogspot.com/
This will be time well spent.

Eleutheros said...

Since the last post the world has changed considerably. I might have quite a few things to say about that, many of them on the order of I told you so or you heard it first here.

For many years I have expounded Eleuthronomics trying to explain that money is an abstract, it does not actually exist in the material world. Alas, like John the Baptist in the wilderness, I have been but a reed shaken by the wind. I wonder how many, if any, found occasion to reflect that our construct world of tokens was not the same as real goods and services. The latter has real value, the former can evaporate in a trice.

In the past few days that is exactly what has happened. People look about dismayed and say, "Where did all that money go? Where did the $2 trillion that was in retirement funds at the beginning of the year go to?" It didn't go anywhere. It never existed. It was only a promise of goods to be enjoyed, not the goods themselves. As it happens, the promise is no good.

So once again, blips on a computer, bits of paper, and even metal coins are NOT are not real, they have no value. They are only a promise and now of days people's promise seems to mean less and less.

Do not confuse tokens and promises with real things, no matter how insignificant they may seem in the scheme of things. For example a few years ago during July, as with every July, I went out to the blackberry patches I'd been scoping out since blackberry blossom time in May. Blackberries are real. They go into jam which we have on hot biscuits during the winter. By the time berry season is over in late August, there are cases of pint jars of blackberry jam that will grace our toast and biscuits all winter whether there is money or not, whether the stock market is up or down, whether inflation rages or there are shortages or the whole world as we know it comes tumbling down. That's the difference between something real and something token......