The “money” used to buy bread is a very practical medium to exchange resources.
These figures with too many digits are not real: that “money” is a result of sums of products of virtual values based on credit and speculation.
The fact that the same symbol ($) is used for these two very different things sounds like a systemic bug.
Sure they can buy bread, but here’s the catch: it’s like going to the bakery, asking for free bread with the promise that you’ll pay later because you can show 10 digit numbers, even if your pockets are actually empty.
So these people practically live on credit because the market value would crash if they sell.
At a macro level, 97 % of every dollar is actually debt (credit), mostly created by private banks to feed the system: https://econcurrents.com/2024/08/25/where-does-us-money-come-from-and-where-does-it-go/.
The “money” used to buy bread is a very practical medium to exchange resources. These figures with too many digits are not real: that “money” is a result of sums of products of virtual values based on credit and speculation. The fact that the same symbol ($) is used for these two very different things sounds like a systemic bug.
You say that but they can and do use that virtual value to buy bread.
Sure they can buy bread, but here’s the catch: it’s like going to the bakery, asking for free bread with the promise that you’ll pay later because you can show 10 digit numbers, even if your pockets are actually empty. So these people practically live on credit because the market value would crash if they sell. At a macro level, 97 % of every dollar is actually debt (credit), mostly created by private banks to feed the system: https://econcurrents.com/2024/08/25/where-does-us-money-come-from-and-where-does-it-go/.
True, but if Elon gave you $1 million in Tesla stock you could still easily sell it, be taxed on it, and use the remainder to buy a lot of bread.