Daniel,

“imagine trying to “sell” your house without money.”

Yes, money is not a commodity, it’s a contract. The asset side is matched by an obligation. In our case, a government/public debt. Which makes it extremely fungible, as this obligation is issued by the most powerful institution in the world.

So naturally we, as individuals, value it. That raises the issue of everyone wanting as much of it as possible and the consequences of feeding this desire, rather than addressing the problems caused by it becoming a cultural addiction.

For one thing, what happens when the most powerful institution in the world cannot meet what will eventually become insurmountable obligations, since this bill appears headed to infinity? As there is never enough money.

That’s when we discover it is has become an invalid contract, not a commodity fluctuating in price.

It is a promise. Nothing more and nothing less. One that if you trusted, you’d trade your house for, but if you didn’t trust it, wouldn’t be worth a ham sandwich.