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Message:: [QUOTE="V. Kurt Bellman, post: 1984035, member: 71723"]Ding! Ding! Ding! I do believe we have a winnah! Ponzi scheme is correct. (At least it is an odds on favorite.) Of course, all money is ethereal. It doesn't physically exist really. It's a concept, like a score in a sport. You can show me an action that results in a point on the scoreboard, but you can't show me "a point". Neither can you show me a dollar. You can show me a token that represents a dollar, but the vast majority of M2 dollars are as solid as Bitcoin are. More than 85% typically, of the U.S. Money supply is without any physical manifestation, paper, metal or otherwise. It exists only on computers. I know that really creeps out some people, but it's true nonetheless. By the way, had you stayed in Chicago after the ANA, we could have hung out, you could have had my extra ticket to the Cubs game on Sunday, and then gone to the Chicago Fed with me on Monday, where this all is explained in their museum. EVERY Austrian Fool needs to go to a Federal Reserve Bank and tour the displays. Free education. They won't bite, nor will they confiscate your PMs. But you will learn something. Like why any PM backed currency is a sure fire recipe for creating human misery.[/QUOTE]