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Usually the BIS is the master of understatement...... so its a bit of a worry.
5-6 years ago I realised I really didn't know what money was/is. I recognised, intellectually, that the money I spent actually changed in value; but I also realised my every day actions/thoughts were as if it was a constant, and all the commodities I purchased fluctuated in value.
So I started to try and work out what money is!!!! Well in that process I came to realize that the world monetary system was a house of cards, and it worked because it had to ie: Central banks etc made it work because the consequences of it not working are horrific. So its a little scary when the BIS starts saying depression.
It seems to me that with the final demise of specie currency 37-38 years ago the world has been heading into uncharted territory. The change is more profound that that started by Nero when he debased the Roman Currency ( at least he kept it specie backed) as the currency used today is all fiat.
5-6 years ago I realised I really didn't know what money was/is. I recognised, intellectually, that the money I spent actually changed in value; but I also realised my every day actions/thoughts were as if it was a constant, and all the commodities I purchased fluctuated in value.
So I started to try and work out what money is!!!! Well in that process I came to realize that the world monetary system was a house of cards, and it worked because it had to ie: Central banks etc made it work because the consequences of it not working are horrific. So its a little scary when the BIS starts saying depression.
It seems to me that with the final demise of specie currency 37-38 years ago the world has been heading into uncharted territory. The change is more profound that that started by Nero when he debased the Roman Currency ( at least he kept it specie backed) as the currency used today is all fiat.
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