something and so we have the treasury bond market. Like the dollar is a reserve currency, 60 of world reserves are in dollars, but the reason they are in dollars in not because of the dollar, its because of the bond market Lets say I am China and I export stuff and I get. They are backed by one thing, which is confidence. At its worst, does it help facilitate highly questionable and illegal transactions and activity? So those are reserve currencies because they have investable assets. Rickards explained that the viability of any form of money is determined by the people who use it (or dont use it).
But physical gold does not have the disabilities of Bitcoin and digital currencies like the.S. Rickards then added, I can call something money, but if nobody else in the world wants it, then its not very useful as money. Currency Wars and, the Death of Money. There's no Madoff, but it's working that way.". This feature is not available right now. Bitcoin know a lot about tech, but not so much about the markets.". Although, rickards believes anything can be money, he went on to describe how some forms of money are better than others (in the eyes of the market.). Rickards and McCullough both say they have both been accused of being "technophobic" because of their distaste for. Put another way, governments essentially create an artificial use case for their own forms of paper money by threatening people with punishment if they do not pay taxes, which are denominated in the governments own fiat currency, to the government. They will come out of the wood works sooner rather or later. Rickards new book, the economic commentator also shared some thoughts. JPMorgan CEO Jamie Dimon recently called.