Comment: Technically true, but practically false.

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Technically true, but practically false.

It's numbers, yes, but it's much, much more than that. It's also about confidence. As much as I'd love to throw the Fed in jail, abolish the FR/IRS system, and wipe out all public and private FRN debt, some $12T estimated right now (and that might be a low number), it would send the message that we don't value our currency as we could simply wipe it out at a moment's notice. It would cause a global level 9 heart attack.

Nevermind that the whole confidence factor of fiat money is an illusion anyway, and that people give value to whatever barter proxies we choose, be it FRNs, gold, silver, baseball cards, water, tobacco, guns, or food, or even Beanie Babies if you can find someone to agree with you. This is where reality destroys the argument against competing currencies: things have value because WE give them value (one man's trash is another man's treasure?).

The problem with just wiping out the FRN debt with a stroke of the pen is that far too many people (billions) have bought into the FRN illusion and that is one perception of reality that is 99.99% impossible to overcome. Put simply, billions of people would collectively wig out at having their preconceived notions of reality thrown out on its head. Their Matrix would be destroyed and they'd be faced with a "Now what do we do?" panic.

I think that's be a good thing, though, as it would wake everybody up. But that puts me in a minority.