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fascinating development—trading virtual goods for fiat currency

People buy rubbish designer label clothing at inflated prices as a means of asserting status, which can then be traded for sex or promotion. This is the world of the bower bird and much else in nature.

Now comes the trading of virtual booty for position in unreal worlds, which booty is then traded for government fiat currencies which may be used to purchase designer clothing or impractical status cars.

A whole world where trading the unreal for the real is growing, but obtaining the unreal takes real-world resources of time and effort.

Companies are set up to facilitate trade between virtual currencies and government virtual (fiat) currencies.

As societies run out of real work, because automation requires ever-diminishing human work to produce useful and useless real world items, so humans with time on their hands seek other means of display to establish status, and thereby gain real-world returns.

related material
Inflation - the mechanics of inflation: the great government swindle and how it works

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do globalisation and outsourcing cost jobs? Three and a half GoldenYak (tm) award

A neat summary of current economic thinking on globalisation in a 16 page pdf.
Under ten headings quoting empiric data, with graphs and tables.

Recommended scan, or study, according to your current knowledge.

 

Lead from Limbic

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