06-16-2021, 04:29 PM
(06-16-2021, 04:17 PM)fenders53 Wrote: I don't allow him to influence my investing strategy much, but I do enjoy Peter Schiff videos. He and a few others really have exposed this monetary house of cards game long ago. But the equity market doesn't care and that makes him wrong for practical purposes. Even if he isn't wrong some decade soon too much lost opportunity if you refused to play by the house rules.
Any monetary system that works has to be the result of a collective delusion, because we all have to agree to ascribe value to something. Money is an abstraction/derivative, but holds no intrinsic value other than allowing you to obtain the goods or services you want, because other people are suffering under the same delusion as you and will take money in return for those goods or services.
So, I don't get particularly upset over the fact that large parts of our monetary system are ridiculous on their face. Any system that replaced it would be equally ridiculous, because any monetary system is 100% invented and fake. The system works, major upsets to the plumbing of the system in the past have caused a lot of heartache and unhappiness (like what happened shortly after we withdrew from Bretton Woods), and I'm happy for it to just keep working in the background, and for the vast majority of people never giving it a second thought, because that would be destabilizing.