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Summer School 1: An Economic History of the World
Planet Money
Value Lies Beyond Backing
The distinction between institutional debt creation, such as that by governments and central banks, and individual gambling highlights the complexities of trust in money. Individuals often mistakenly believe that money's value is solely derived from its backing, leading to anxiety over perceived lack of support for currencies like the dollar. Understanding that the value of money is influenced by a wider array of factors beyond mere backing is crucial for interpreting modern financial dynamics.
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