TYLER DURDEN, 04 April 2021
Dusted off an anecdote from 2016 that explores the meaning of money. It is worth considering after a quarter in which the US dollar declined by more than 50% versus the dominant digital assets and the S&P 500 closed at an all-time high.
“People work in order to convert their time into a unit of account,” he said.
“We call that money, and it’s an invention that allows us to store time.”
Most people have stored little or none. So when they receive money, they quickly purchase necessities; food, shelter, health care.
“People who are able to save money inevitably purchase real estate, stocks, bonds – all of which are alternative vehicles for storing time.”
One share of Google stores 70 hours of work for the average American, or 2 hours of copying-and-pasting formation documents for the average hedge fund attorney.