this post was submitted on 02 Dec 2024
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Money is literally an "I owe you"
When money was first used, instead of exchanging an apple for an orange, X amount of apples is exchanged for a dollar. The dollar is the buyer saying "I owe you" to the seller.
When the apple seller now use the dollar on something else, that's just selling the "I owe you" in exchange for something else.
Spending money is just selling debt.
(At least that's how money has always worked in my mind. Listen, economy is weird, idk how this shit works, I'm just coming up with my own explanation okay.)
Historically, debt existed before money existed. But that only works in a framework where people can trust eachother to repay the debt.
Debt: The First 5000 Years by David Graeber is a cool book about this whole topic
I also liked Economics of Money and Banking, a course by Prof. Mehrilng of columbio university, which is available through coursera (1).