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December 13th, 2017 at 11:16 am
BDC's "where does the value come from" Cheat Sheet:
Above ground gold = all physical currency = ~$8T. Gold very accurately approximates this market throughout history. Hence their equivalence, which is not a coincidence.
Worldwide real estate = gov't debt (fiat) = ~$220T. Modern fiat is much newer than gold but is the worldwide standard and has a solid, if short, history throughout the manufacturing economy maturation and current decline. Currency is created by nation-states that use a central bank and fractional reserve currency (mostly lent as mortgages) based on laws alone (no "backing" like gold), authority to tax, and exclusivity (can't be counterfeited without consequences).
Crypto = Global Knowledge Economy (now approximated by derivatives) = $1.5-5Q (or higher???)