Where did the money go?
This morning's short video has now been published. In it, I suggest that when people ask “Where did the money go?” they should instead be asking “Who has broken their promise to pay?” because that is almost always what has really happened.
When money is just a promise to pay, it disappears when someone breaks their promise. Usually, the mystery is no deeper than that.
You can view the video here.
The transcript is:
Where did the money go?
It's a question that I'm often asked when anything goes wrong in the economy. The price of a share crashes. Property falls. Something else goes wrong.
“Where did the money go?”
And then people say, “Follow the money”. All of which is nonsense because there is no physical reality to money.
Money is just a promise to pay. Somebody says they will pay you so much for a share and then a few days later they say “Sorry, I'm going to pay you a lot less for that share now “and people say “Where did the money go?”
There was no money there. There was just a promise to pay and the person who made that promise has now broken it.
The promise has disappeared.
You are disappointed.
But where did the money go? Well, it went into the wastepaper bin where your bad dreams go. It was all a myth. It wasn't true that there was ever any money. It disappeared because it wasn't there.
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