This is the central banking narrative. Austrian economics disagrees.
Value against Gold. Wages have NOT gone up as fast as fiat has depreciated.
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Again, we have to disagree.
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Doesn’t this say store of value -> medium of exchange and then if multiple transactions unit of accounts? From the speech you mentioned.pic.twitter.com/TEjQOeAODP
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Read footnote 5.
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they say its the most important feature. I agree. but that has nothing to do with Sequence of how it originates
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in this thread above you say uoa comes from sov, but the boe paper you link explicitly states sov->moe->uoa
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No, that's not what the paragraph is saying. What it is saying is, there are many things that can be of 'value'. some of them can also be mediums of exchange, but if they are not unit of account, then they are worthless as money:UoA allows MoE and thus creates objective value.
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It says: “For an asset to be considered a unit of account it must be used as a medium of exchange by many people”. This means that you need to have MoE properties first before UoA discussion can even begin.
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UoA requires MoE MoE requires SoV
End of conversation
New conversation -
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