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Where does today's money come from?

#1 User is offline   Senexx 

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Posted 14 January 2011 - 08:35 AM

Where does today's money come from?

How did it get there? What gives it value? Why?

The answers pretty simple but probably not what you think.
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#2 User is offline   Jafar 

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Posted 15 January 2011 - 08:38 PM

We use it because it is unworkable to use any other system, due essentially to the fact that the value of things changes, the fact that we accept it has value is what gives it value, modern currency is a really just a giant mind f*ck, it has no intrinsic value.
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#3 User is offline   Senexx 

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Posted 02 February 2011 - 10:16 AM

Where does today's money come from? Thin air.

The Federal Government authorises the RBA to produce it and much of it is handed over to Treasury. Take that ten, twenty, fifty dollar note out of your pocket and look who has signed it. The RBA Governor.

What gives it value? The Government's say so.

Why? They're the central authority and that's how they want their taxes paid - in Australian dollars.
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#4 User is offline   Epicurus 

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Posted 02 February 2011 - 10:22 AM

The economy gives money value. And banks are quite adept at creating money out of thin air too.
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#5 User is offline   Senexx 

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Posted 02 February 2011 - 10:39 AM

Not quite on the bank front but I wont be touching that part of the discussion well down the track. Even bank money indirectly comes from the federal government via reserves.
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