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Russia’s Money Is Gone

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  • Feb 28, 2022
  • #Russia #Politics
Matt Levine
@matt_levine
(Author)
www.bloomberg.com
Read on www.bloomberg.com
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One great theme of the post-2008 financial world is that money is a social construct, a way to keep track of what society thinks you deserve in terms of goods and services. That has... Show More

One great theme of the post-2008 financial world is that money is a social construct, a way to keep track of what society thinks you deserve in terms of goods and services. That has always been true, but modern finance has made it more obvious. I think that 15 years ago it was easier to think that money was an objective fact. Money is a kind of stuff, you might have thought, stuff with some predictable value that you can exchange for goods and services, and you can acquire a quantity of it and then you own that money and can use it however you like to buy things.

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Alex Gladstein @gladstein · Feb 28, 2022
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Good piece to ponder. Thankfully the Russian people under Putin’s rule and the rest of the 4.3 billion living under tyranny worldwide now have options: 1) Money as a “tool of social decision-making” (the ruble) 2) Money as “an objective thing you get from abstract merit” (BTC)
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