To me it’d seem that the only reason paper money is worth something is because enough people believe it is. And if that’s the case and more can be printed. There’s no rarity really either. I’d love to hear some explanations. Thanks.
In: Economics
You answered your own question. Initially money (in the US) was backed by gold, then silver. Now it’s backed by a promise that it has value and a system of people that believe it has value.
If we all believed monopoly money had value, it would. Kind of like how Bitcoin works now
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