Economist: civilization may not survive "death spiral"

[richardhutnik]

the2real4mafol said:

richardhutnik said:

I believe land has a value related to the economic activity it is associated with, in connection with its scarcity.  Land out in the middle of nowhere has little value, but land in a city is worth much more.  Same with land with natural resources on it, and ability to obtain the resources.  It is really hard to get around trying to magically generate value for anything, unless there is intrinsic demand for it.  If you add the provison to Say's Law, regarding supply being things people want and need, you get close to explaining things.

What is fiat money?

Pretty much money printed by government, and issued via fiat.  It isn't backed by anything:

http://en.wikipedia.org/wiki/Fiat_money