Just when I thought you couldn't get any dumber, you go and do something like this... and totally redeem yourself!

Via Julian Sanchez comes this amusing quote by Max Sawicky:

Under Capitalism, it's Government and Law that render pieces of paper legally enforceable claims to wealth. Your little savings account book, your stock certificate, or your bond are worth something because the government makes it so. It is government that enforces contracts. For the same reason the [Social Security] Trust Funds are real.

For some reason, I'm reminded of the following conversation:

    LLOYD: Okay, here's the plan: We borrow a few bucks ? just a small loan ? from the briefcase, and we check into a cheap motel.

    HARRY: Sounds good.

    LLOYD: And we'll keep track of the money we spend with IOUs.

    HARRY: We'll be meticulous ? right down to the last penny.

    LLOYD: That way, whatever we borrow we can pay back.

    HARRY: Absolutely. We're good for it.

    LLOYD: You know, as soon as we get jobs.

    HARRY: It'll come right out of our first paycheck.

Harry and Lloyd.jpg

In all seriousness, Sanchez puts it well:

If you write me a check, that's an additional asset I've got. If I write myself a check, it isn't.

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The way he says it, "Under

The way he says it, "Under Capitalism [money has value because the government says so]" implies that under Some Other System this is not the case. Regardless of how nonsensical his statement is, his perception of the alternative(s) greatly intrigues me.

Any guesses?

Hmmm... perhaps a place

Hmmm... perhaps a place where money has no value - because the government says so - a place like Khieu Samphan's Magic Kingdom.

Anyone who titles their blog

Anyone who titles their blog as condescendingly as Max ("MaxSpeak, You Listen!" so you don't actually have to click over) does not deserve readership, even if only to pick out the lulu's and heap on the derision.