Money Talks, Bullshit Walks

Money is the signifier that annihilates every signification. It is the first commodity to escape use value, and become a sign. Everything gets measured in money, even Bitcoin (which is the latest step in its evolution). The medium is now the message. Or, in cruder terms: "Money talks, bullshit walks."

Once upon a time, according to Jean Baudrillard, money had a referent, the gold standard. That ended in 1971, and since then money has become purely speculative, ballooning into the stratosphere. Bitcoin is the first attempt to retether money to the actual economy, drag it back to earth, giving it concrete value.

The rise of Bitcoin will (as Lyn Alden explains) release the American dollar from the clutches of Triffin's Dilemma. It will enable the greatest debt jubilee of all time. And that jubilee is just about to start...  (For more on the coming debt deflation and reinflation of money, click here.)