Where we live! Millions of people led to believe that crypto was money-like ("only better!") and that investing in it was "just like putting money in a bank."

How about some #RealWorldMoney, instead?

https://www.washingtonpost.com/technology/2023/01/05/celsius-crypto-bankruptcy-ruling/

@brian_gettler #RealWorldMoney :ablobcatrave:

"Impossible Finance — The Zero Coupon Perpetual Bond" (i.e., crypto)

https://martincwwalker.medium.com/impossible-finance-the-perpetual-zero-coupon-bond-eaf4460d80ef

#RealWorldMoney

"[U]nissued liabilities have no value at all."

You reading Nathan Tankus about #RealWorldMoney? https://www.crisesnotes.com/

"[U]nissued liabilities have no value at all."

You reading Nathan Tankus about #RealWorldMoney? https://www.crisesnotes.com/

Here we go! #realworldmoney

https://medium.com/@monetarypolicyinstitute/a-comment-on-bernankes-nobel-lecture-9dd96c3de81d

"borrowing is a technical term" (from the crypto/FTX hearings today)

#realworldmoney

Citing Carrillo: "who is entitled to the money that doesn’t even exist yet? If there is no money scarcity, only real resource scarcity, then most legal and philosophical conversations about distributive justice are anachronistic and impoverished.”

https://lpeproject.org/blog/money-and-property/

#LPE #realworldmoney #MMT

This country's deep *denial* about the government's role in our economy is breathtaking. This WaPo piece, from early in Biden's term, is just as relevant today. "Public authority [has] always structured growth — and shaped the allocation of its rewards. . . Public power made our markets and regularly picks winners and losers."

#realworldmoney #whatispublic

https://www.washingtonpost.com/outlook/2021/03/29/government-has-always-picked-winners-losers/

A brief, illustrated intro to #realworldmoney

Everything described here is true, both historically and in the present. We've got receipts!

https://modernmoneybasics.com/

The WaPo editorial board needs to learn about #realworldmoney

https://www.washingtonpost.com/opinions/2022/11/29/inflation-rate-hikes-fed-chair-powell/

Did you know that paper bills are functionally different from the money in your bank account? Or that banks literally *create* dollars when they extend loans--and that the U.S. government creates dollars when it spends? It's true: the U.S. does NOT rely on tax revenues to fund its spending. We've got receipts!

#realworldmoney #whatispublic? #MMT

Great news. The LPEblog has arrived at Mast. See their intro (I just boosted it), and read a sample of the work that is critical to understanding #realworldmoney

https://lpeproject.org/blog/the-deficit-myth-banking-between-the-lines/

Wonderful news. The LPEblog has arrived at Mast. See their intro (I just boosted it), and read a sample of the work that is critical to understanding #realworldmoney

https://lpeproject.org/blog/the-deficit-myth-banking-between-the-lines/

Russel Brandom posted this (at that other place) and I think it wins the internet today:

"From the inbox: Politico is delaying their Crypto Summit until next year, presumably because the entire industry is on fire."

#realworldmoney

Crypto is *NOT* #realworldmoney and shares few (if any) of its properties. This is sinking in, including among finance types long seduced by a (virtually) shiny new object.

https://www.ft.com/content/028e0109-6e87-42ed-8480-996cf645ce04

And did you know that banks do NOT--the textbooks are wrong--"intermediate" between savers and borrowers?

#realworldmoney

https://justmoney.org/roundtable-1-prompt/

More from WaPo on FTX. Call this a revelation? (see previous post for context)

"Even the most sensible guidelines and the most robust enforcement won’t change the reality that crypto is inherently risky — because the value of all these tokens depends, in the end, on how much people believe they’re worth rather than anything tangible in the real world."

#realworldmoney

"The key to figuring out which rules to apply is finding the right analogies: What about crypto is the equivalent of a security, what’s a commodity, what’s a collectible? What’s a broker, what’s a bank?"

Looking forward to commentary on the Post's musings from folks who study #realworldmoney (calling @rohan!)

https://www.washingtonpost.com/opinions/2022/11/16/ftx-cryptocurrency-exchange-collapse-reckoning/

"Something like two-thirds of the money that FTX owed to customers was backed by its own tokens that it had made up."

https://archive.ph/TOgjK

Time for #realworldmoney (H/T @socol)