Anthony Migchels: It matters what we pay for the money.

Anthony Migchels at Real Currencies:

It matters not what we use as money. It matters not what backs the money.

It matters what we pay for the money.

Exactly.

I think maybe, at some point on the long wave, or at some point on the Cycle of Civilization, it does matter what backs the money. Or maybe even just when the economy is running really well, it matters what backs the money.

But now? Now the trouble is the excessive reliance on credit, and it is a problem because of the cost of it, cost and repayment, so "what we pay for the money" is most definitely the key thing today. Today, and during the entire Great Financialization.