Recent developments in the cryptocurrency world highlight the dangers of trading in this type of “coin.” But how important is cryptocurrency to the financial world and why should we care? NEP’s Bill Black appears on The Real News to discuss this. You can view with transcript here.
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There may be some cryptocurrency investors who understand what money is and what gives it value. Most don’t, but they’re in plenty of respectable company. Most professional economists don’t understand what money is and what gives it value.
Creigh Gordon: “Most professional economists don’t understand what money is and what gives it value.”
Well, most people here know about the MMT position re taxation.
Aren’t there additional private sector institutional factors to support money = credit, as created by the private sector?
That is, mortgages and other contracts that provide enforceability (real property foreclosure) to value of money/credit?
The web of enforceable obligations/coercion creates value.
Cryptos aren’t created on enforceable contracts, e.g. mortgages subject to foreclosure. In addition to not being supported by taxation.