Nothing Left to Steal

The extent to which we value money depends on our degree of confidence in the economy. At first, as the economy starts to collapse, we start to hoard money, to make sure that we don’t run out. Then, as the economy continues to wither away, supply disruptions and price spikes cause some of us to suddenly realize that we might not be able to gain access to the things we need for much longer, never mind the cost, and that running out of money is not fatal whereas running out of food, fuel and other supplies certainly can be. And then we start cashing in our paper assets in exchange for physical commodities we think might be more useful. Shortly thereafter everyone realizes that the chips they are holding are not all that valuable any more. It is this realization, more than anything else, that renders the chips instantly worthless. [RC 2.0 p. 54-55]

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