what is the deal with fiat currency? how does it arise and where does it attain its exchange-value? i’m currently participating in the hexbear capital reading group and in chapters 2 and 3 marx goes heavily into the way that gold standard money becomes exchange-value. fiat money is discussed only a little, and somewhat dismissively, although as far as i can tell none of the actual theory of the time precludes it from existing. are there any texts that go into it in detail?
important context: https://lemmygrad.ml/post/10346359/7603669
On a similar tangent, I once read something about gold prices. That basically, a gold coin has about the same amount of buying power over time with only minor fluctuations. Gold “price” doesn’t go up so much as moneys “value” goes down. So buying and “investing” in metals like gold doesn’t really increase the value of your investment so much as it does prevent your savings from deflating in value.
That’s a brilliant way to think about it, thx for sharing 🙌