Sumblog #10: Symbols

     This week in class we talked about some symbols we encounter and what meaning they might have. We mentioned cross/crucifix, flag, wedding ring, and some others I've already forgotten. I decided to focus some of my meager mental resources on finding additional common symbols we see/use everyday. The symbol that was most obvious, took me the longest to discover - money!
     Our money is simply a symbol of the good credit and faith of the United States government (the people of the USA). It is nothing more than that. Up until the 1970's money was backed by the gold standard. That is, America used to keep enough gold to support our currency. Nixon took us off the gold standard.
     Additionally, the dollar is the default currency for world markets. A person is able to trade in any market in the world with dollars. Recently Russia and China, amongst others, have been making suggestions and offering proposals to use/create an alternative default currency.
     Last month America came within 48 hours of defaulting on our debt.  Had this occured, the value of our money would have been in the toilet. Faith in our nations ability to pay our debts would cease to exist, and, people would be back on the barter system in short order.
     There is little doubt that America would survive and continue on, but this default scenario from last month illustrates keenly that money is only a symbol.
     The following link is one experts opinion on what a national debt default would be like.
     http://www.cbsnews.com/8301-18563_162-57607477/top-exec-warns-of-armageddon-if-u.s-defaults-on-debt/
     there many other opinions like it (ie Treasury Secretary Jack Lew: debt default is "playing with fire").
     In essence, our entire market economy hinges on the good faith and credit of the American people and their duly elected representatives, because the money itself has no value - it is a only a symbol.