Fiat currency

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how do you think this refutes anything I said?

+1 labor credit has been deposited in your account.
note to self: create a meme for this.

why? it's not really funny and has no coherent viewpoint

Reaction Images are images or animated gifs that are meant to portray a specific emotion in response to something that has been said. They are commonly used in discussion threads in a similar fashion to emoticons.

Attached: 50341c8b994f020f95c0a89ba5eb57516b913a8aa2510a3d3b2f3ad93f2ba64e.jpg (512x512, 72.01K)

what emotion are your portraying? that economics that actually match the numbers are wrong?

That's not true. Read about the universal equivalent in the first tome of Capital. All exchange values are expressed in the use value of the universal equivalent.

There is always a core that goes back to pure labor and in the case of fiat money, the thing is quite simple really: taxes. The value of fiat currency is the amount of labor time that it takes to pay the state for the privilege of existing in their country.

This post does a great job at explaining this aussiemagpie.blogspot.com/2016/02/marx-fiat-money-and-simple-business.html

Now with the ever evolving baking system things are a bit different, bu tit is not too difficult to see how this reasoning works also for interest rates.

marx looked at cases where convertibility was officially abolished in his time and concluded that even in those cases, money never really dematerialized and was still tied to movements in the equivalent commodity. Some marxists today believe gold is still relevant when it comes to money, pointing at things such as how major countries and banks still maintain massive reserves of gold that they attempt to increase, and how gold price goes up during crises in an inverse relationship to the paper money pp

Would you consider this analysis correct?