in

59-year-old Jon Stewart finally learns how fiat money works, “Oh my lord! It’s a mass delusion”

59-year-old Jon Stewart finally learns how fiat money works, “Oh my lord! It’s a mass delusion”

59-year-old Jon Stewart finally learns how fiat money works, "Oh my lord! It’s a mass delusion" from Bitcoin




View Reddit by KAX1107View Source

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

39 Comments

  1. It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

    – Henry Ford

  2. He’s talking about it this way so that listeners can understand it. He obviously knows what he’s talking about when he’s interviewing the person about the subject. Lol we get it you like bitcoin

  3. Fiat currency: created from thin air, *backed by* nothing at all.

    Note: Within the context of money, the phrase *backed by* has a very specific meaning. Banks used to issue gold (or silver) backed bank notes. It was printed right on the notes that the bearer could bring the note back to the bank and exchange it for the amount of gold (or silver) printed on the note.

    Now, you cannot take your Federal Reserve Notes (dollar bills) to the bank and exchange them for gold, or silver. You cannot exchange them for anything, because they are not *backed by* anything.

    You cannot exchange them for amounts of “full faith and credit,” “military power,” “US economy,”or “men with guns”. Therefore, US dollars are not *backed by* any of those things.

    It is difficult for some of us to admit to ourselves that the money we’ve blindly used all of our lives is just fancy ink printed on rags, and nothing more. In fact, 90 percent or more of all US dollars are not even printed, they exist only as digits within the banking system’s computers. Fiat currency is created from thin air and *backed by* nothing at all.

    Meanwhile, think about this: The US dollar *used to be* “backed by” gold.

    Question: What backs gold?
    Answer: Nothing.

    Gold cannot be printed, nor can it be created by typing numbers into a computer terminal, as is the case with fiat currency. So, gold does not need to be *backed by* anything.

    Bitcoin is also not *backed by* anything, nor does it need to be. Like gold, Bitcoin cannot be printed, nor can it be created by merely typing huge numbers into a computer terminal.

  4. i really hope this whole world is actually a simulation and we reaching that point where we realize the bugs in this current build. a lot of things would actually start making sense.

  5. I’m not sure why you think Bitcoin is any different; the value of Bitcoin is also “faith-based”, it relies on people believing Bitcoin will continue to hold its value and be accepted as payment for goods and services in the future.

  6. Genuine question.

    If the USD is a faith based currency.

    How is BTC different from that, people that use BTC have faith in it, apart from the block chain technology what backs Bitcoin?

  7. One must understand especially for the younger generation is that these people that you see on the screen are MASTER MANIPULATORS. Yes Bitcoin is great as a technology but the people should never trust these people by handing your keys to how one should live. Remember that Bitcoin was built so that you are your OWN Government, anything less than that then you become an even bigger prisoner than you are today. Blockchain is very very powerful but the POWER must stay with you no matter what.

  8. Bitcoin on the other hand most certainly wasn’t created out of nothing, and assigned an arbitrary value.

    The argument should be about asking who controls the reins, and accountability, not this nonsense.

  9. A bitcoin is no less fiat than a dollar. Both rely solely on the mass market’s attribution of value to them.

    The difference is only that the system that bitcoin relies on is independent of governments and isn’t directly manipulated. This is a stupid post.

  10. I like Jon Stewart but this is really weird. He’s super smart and especially since his brother was Larry was fairly prominent within the NYSE, I thought he would’ve understood this concept about fiat in general.

  11. man rarely does a post usually blow me away, but its truly bizarre someone as politically active as john stewart (who admittedly i find myself agreeing with often) doesn’t understand this basic, obvious part of fiat currency and USD specifically. the fact he didnt know how the FED or central banks work or that the gold standard was abandoned decades again is truly mind-blowing.

    ​

    i think it reflects badly on him that he didnt know this stuff tbh, but on the flip side his reactions were exactly what every human being’s should be upon learning about it.

    ​

    also another reminder those who are politicly involved don’t necessary know anything about economic policy.

    ​

    though one thing i will say is the fiduciary aspect of fiat is actually the same as bitcoin. sure bitcoin has no centralized policy maker and a fixed supply, but it similarly relies on people’s faith and confidence in it to decern its value. the entire world economy is like that. loss of faith and thus spending is what causes recessions more than anything.

What do you think?

img1_nft

How to buy and sell NFTs: The best places and prices

Punt Crypto Casino Banner

Hector Network announces partnership with Bundesliga giant