My comment on story below: The 20th c. has seen a massive shift in *what money is.* Fiat currency has led to a conflation of debt, money, paper, and claims on future production. Each should be utterly disjunct. This is one reason why economic calculation is awry, and why there's a shorter and shorter term focus. Note the effects in commodities markets, which still must operate on a long-term basis. This is why I predict an increasing disconnect between the real and paper economies. Fox Breaking news: Markets sold off as worries that Spain, the eurozone's fourth-biggest economy, may get locked out of private debt markets weighed heavily on sentiment. The Dow closed down 121 points, or 0.93%, while the broader S&P 500 shed 1%.
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