Welcome to today's economy

in money •  8 years ago 

Subject A wants to borrow some Gold from Subject B. The latter agrees to it, but wants to make sure he gets it back someday, so he writes on a paper "A owes me X amount of Gold".

However, B would want something in exchange, right? B cannot expect to get back more than X gold, but A can give B another paper that says "C owes me Y amount of Silver".

And welcome to today's economy. We cannot expect to get our favours back, so we trade papers that unite us all in a complicated but beautiful economic system.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Cool! I follow you. +UP

Congratulations @sm4o! You have received a personal award!

1 Year on Steemit
Click on the badge to view your own Board of Honor on SteemitBoard.

Upvote this notificationto to help all Steemit users. Learn why here!

Congratulations @sm4o! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Do not miss the last post from @steemitboard:

SteemitBoard - Witness Update
SteemitBoard to support the german speaking community meetups
Vote for @Steemitboard as a witness to get one more award and increased upvotes!