The KLF: Chaos, magic and the band who burned £1M

Re:The KLF: Chaos, magic and the band who burned £1M by ndsipa_pomu on Saturday February 04, 2023 @11:45AM (#34655771)

I don't agree with your description of money creation as a primary means of creating value. Surely value is created by human endeavour and currency is just a convenient means of tracking that?

If there was a bank that just continually created new money and gave debt to everyone, then do you believe that they are creating value and presumably a society could exist purely from the value created by these numbers?

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Re:The KLF: Chaos, magic and the band who burned £1M by matheusmoreira on Saturday February 04, 2023 @03:01PM (#34657620)

I don't agree with it either but it is the model employed by banks today. Money is literally backed by nothing but debt.

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Re:The KLF: Chaos, magic and the band who burned £1M by ndsipa_pomu on Sunday February 05, 2023 @04:13AM (#34663250)

You misunderstand me. Money is indeed created by banks creating debt, but money is not the same thing as value. It's used as a convenient way to exchange value, but if you were stuck on a island with no-one else, you wouldn't find money to be of any use.

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