Though they don't initiate much thought themselves about the nature of their money, most Americans, if you were to put the question to them, would reply that minted money (created and circulated currency) is backed up
somewhere by gold, silver or some other material of qualitative value. This 1:1 ratio of representation, however, is far,
far from the case. In fact the
vast majority of money in the modern world is represented and supported by debt itself.
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