X post from TIL: Only 8% of the world's currency is physical money. The rest only exists on computers.
40 2013-12-11 by no1113
http://www.howstuffworks.com/currency6.htm
Damn. Crazy statistic. The fiat currency monetary system is all lies, people. All lies. We don't need it as a civilization. It does more harm than good.
13 comments
3 Ramv36 2013-12-11
100% of all bitcoin exists only on computers...
0 charbo187 2013-12-11
not even remotely the same thing or idea.
also there are physical bitcoins.
5 [deleted] 2013-12-11
[deleted]
1 auxypox 2013-12-11
Digital cash is only representative of physical cash in a digital form.
2 Sabremesh 2013-12-11
This is why bank runs are so devastating. When lots of people decide they want to withdraw their money at the same time, the banks simply cannot cope. The banks have to close (a "bank holiday" in US parlance) and then panic ensues.
2 [deleted] 2013-12-11
I don't believe printed money accounts for 8% for one fucking second. It's more like .000008%.
1 no1113 2013-12-11
Sad but true...Wouldn't doubt it.
2 [deleted] 2013-12-11
It just doesn't add up. It would mean that $380 worth of $1's, $5's, $10's, $20's, $50's, and $100's, plus the coins, would have to have been printed each second for the past 100 years. That doesn't take into account the removal of old currency. I think the amount of paper dollars has been over exaggerated and the amount of digital currency under exaggerated. But what the hell do I know, finance is tougher than quantum physics.
2 no1113 2013-12-11
That makes a lot of sense, actually. I mean what percentage of the estimated fifty nine fucking TRILLION dollars circulating on the planet is actually backed by something tangible? gold, etc?
I think your .000008% might not be too far off the mark - especially with this constant inflating of the amount that already exists.
1 officialnarrative 2013-12-11
Why is this a conspiracy? I'm surprised the number is that high. Fractional reserve banking means that the "on computers" money doesn't need to be physical.
If drugs, prostitution and gambling were legalized that number would probably halve. The only reason to carry lots of cash would be for the CIA bribing Syrian Free Army factions and afghani warlords.
2 [deleted] 2013-12-11
Fiat currency means that the "on the computers" money doesn't need to be physical.
Why do people care if it's printed on a dead tree or stored with 1's and 0's?
2 pixelpimpin 2013-12-11
Because that virtual money, being a bank credit, demands interest payments, in turn requiring infinite and exponential economic growth on the macro scale, obviously unattainable on a finite planet. Also, interest on virtual money the bank could pull out of its hat seems morally dubious, to say the least.
1 [deleted] 2013-12-11
Would it make you feel better if that electronic money was printed onto paper? Why?
1 no1113 2013-12-11
Money is what is used by a primitive people and culture that is not developed and advanced enough to be able to function without it and on an honor system. It is unfortunate that we as a species are at a level so remedial that we need money in order to "make the world go round".
The truth of the matter is that we actually don't need it - physical money, electronic money, fiat money. It's all b.s.
2 [deleted] 2013-12-11
Fiat currency means that the "on the computers" money doesn't need to be physical.
Why do people care if it's printed on a dead tree or stored with 1's and 0's?
2 pixelpimpin 2013-12-11
Because that virtual money, being a bank credit, demands interest payments, in turn requiring infinite and exponential economic growth on the macro scale, obviously unattainable on a finite planet. Also, interest on virtual money the bank could pull out of its hat seems morally dubious, to say the least.