Seybold on finance

'Confidence is finance’s fourth wall. It is held up on one side by the convenience of money – and the public’s passion for that convenience, which persuades them to trade their labour and property for greenbacks and bitcoins. It is held up on the other side by the producers of money, who naturally benefit from the public’s passion for what they produce, but who must sustain the agreeable but ultimately fantastical illusion that money has any intrinsic value in the face of daily reminders that it does not. The financial system depends upon the plausibility of narratives of wealth and commerce performed by those best positioned to know those narratives are facile, if not frankly false'

#finance #ecnonomics #confidence #banking #ventureCapital

https://aeon.co/essays/the-financial-world-and-the-magical-elixir-of-confidence