“Without value-add activity it makes no difference whether the medium of exchange is fiat money backed by nothing at all, or paper certificates backed 100% by gold (for example). Putting it another way: The world’s economic problems have not been caused (and therefore cannot be solved) by whatever monetary system we happen to have. “
I beg to differ:
1) There is no way to ‘back’ 100% gold and avoid collapsing the planet markets, unless we want to go back to Dickens England, the gold in hands is about 2.5 trillions, ‘proved’ reserves, same, but the paper gold fraud certificates of the banking ponzi scheme, amount to 85 trillions, make wall street go back to the gold standard, and what you have is a bunch of bankrupt banks.
2) A manipulated monetary system produces only gains for the owners of the printing press, but in a close system zero sum game, that signifies the ‘destruction’ of ‘real capital,’ the one in use by less parasitics activities than banking usury ponzi skims, IOW the real economy. Fiat money pays banking bonuses to parasites, diluting the value of the real producers, IOW banking usury and fiat money, ‘in a not expanding net energy output system,’ can ‘only’ produce mass de-industrialization. The issue was never noticed, probably because it was not ‘convenient’ to notice by the ‘not negotiable’ christo ponzi usury wall street cabal, ‘before’ ‘peak’ kicked in.
3) The issue can be solved with a ‘honest’ exchange metric which maintains constant value in time, IOW renouncing to the subjective value quackery, and going towards ‘objective’ value, an example, energy, 1 KWH is always the same amount, 1930, 1980, 2007, no difference. But this would affect some wall street christos rackets parasites who live off of leaching, in so nobody talks about it.