>>144646>Paper money is not capital. It is fraud.
That is 100% correct, although I doubt that it is for the reason you think.>It is men with guns who force us to use federal reserve notes, not "the interests of capital".
That has absolutely nothing to do with the point that you were responding to.>Ignorance.
Lel, uyghur please. Lolberts never include capital in their definition of capitalism, and they are never shy about sharing that definition.>>144657>Paper IOUs backed by nothing, not even the courts, is not capital
Hmm, maybe you do actually know the reason why paper money is not capital. Let's find out! Why do you think paper money is not capital?>Bank runs are preferable
Stopping the flow of capital is preferable to you? Despite the fact that it undeniably was fraud, it did have the effect of turbocharging the flow of capital. The interests of capital must prevail in capitalism.>Everytime a central bank monetizes debt
What is debt but the monitization of future labor-power?>the cronies in government and wall street get the new money first and buy up assets at pre-inflation prices. The money then ripples out into the economy and prices rise because more money is chasing the same number of actual goods. At the very end of the cycle the workers get a "cost of living" pay raise after they've already been paying higher prices for a year and all their fiat savings have lost a chunk of their purchasing power. And they do this every fucking year. This is why house prices are so high.Post too long. Click here to view the full text.