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RP Live with Brett Scott

Macro N Cheese

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The Standard Story of the Decline of the Cash System

There's this whole way of spinning the move away from cash as being somehow driven by ordinary people, rather than by industry or power players as it were. So I've been trying to basically build out a bunch of alternative ways to think about it that break that story. Many people don't make a distinction between different players in the monetary system. And so dollars and bank accounts are actually digital casino chips issued by the banking sector. They derive their own power from the fact that they are an IOU for that cash. If I take them back to the cashier, I can redeem them. But in the meantime, I can use them in the secondary form as a token within a casino.

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