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How else could you explain how once upon a time the population had only a few shillings each and now a population much larger has thousands or even hundreds of thousands of pounds each.
Easily Objects are assigned value according to how much people want them. The total value of such objects has grown much faster than the population has. That is because the value of most things can be increase by working on them, and over time people have found easier and better ways to do that work and those ideas have spread. Allowing more, better quality stuff to be made and also new things.
Peter I understand the concept of adding value, an example I favour is to take a long coiled strip of steel and feed it step by step into a sophisticated hammer that spews out the offcut strips in the shape of spoons which hopefully have more value to us than the coil did.
But the way we measure and exchange objects to access this perceived added value is to exchange the objects for universally valued tokens right?
So my original point was where do the tokens materialise from and why are there so many more now than there were previously?
If they have value then whoever has the right to create them (and deny others that same right) is infinitely wealthy and could pay for everything for everybody?
Swaping 25 chickens to obtain one pig makes sense but swapping it for bits of paper with a promise written on it that cant be fulfilled?
Attempt to redeem one of your mortgages with cash, I would be interested in your findings.
And to Investorsk8, I can only quote "live long and prosper".
@ Layla But the way we measure and exchange objects to access this perceived added value is to exchange the objects for universally valued tokens right?
Wrong, sorry. We use tokens to ease the process of exchanging goods for ones we value more with someone who values the goods we are giving more than then ones we are receiving. AT the end of a (fair and free) exchange we both feel we are wealthier, and in fact we are wealthier. The tokens we use for this are not universally valued, but they do well enough. They do have value in that they can be used to pay taxes, and they are created by the same body as collects the taxes. They are not infinitely wealthy as the more they create the less each one is worth. Generally creating money does not create wealth.