Derek Caelin @Argus@mastodon.technology

Yesterdays #AndroidAppRain at @fdroidorg (@brainstorm seems still dead) with 72 updates and 5 new apps:

* e-Passport Reader: use the NFC chip to communicate with an electronic passport
* FHCode: code editor
* GPS Cockpit: Show your GPS data in a cockpit view
* MergedWiFiNLP: a backend for UnifiedNlp
* Warpclock: quick shortcut for setting an alarm 8 hours from the current time

Enjoy your #foss #android #apps with #fdroid

Me: money is fake

Them: yeah it's just paper that we ascribe value to

Me: no it's faker than that. Only 3 percent of USD exists as physical currency. The rest is just bank credit.

Them: right, so money is just numbers in bank accounts that the government creates from nothing

Me: no, it's faker than that. Most money is bank credit, created by private banks. Not the government, not the Fed, banks like Chase or Bank of America. They take zero dollars and turn that into a loan and debt. They decide who gets new money. Capitalists decide where new money is created and who it goes to. If the government paid back all government debt, there would be no more treasury bonds, and then if everybody paid off all their private debt, there would be no more money.

Them: wow, so most money is just credit corresponding to debt, and there's just a small amount of money they borrow from the federal reserve that was created by the government.

Me: no, it's faker than that. Since 2020 reserve requirements were abolished. Banks don't need to legally keep any money on hand or borrow money from the federal reserve or each other at all. They can just pay interest on every dollar they create to the federal reserve without borrowing from the Fed at all.

Them: oh. So money is REALLY fake.

Me: yeah. so if the government just paid off all of our student debt it wouldn't affect the money supply at all. It would do nothing to the economy other than release a huge debt burden. So let's do that.