The ‘value’ of money is something that I get a lot of emails and direct messages about. People worry about it being unbacked, and about Zeitgeist-y Central Banks. This morning, I wanted to share this short clip from TedTalks, given by Doug Levison. I think it’s a remarkably simple (and almost a-political) explanation of how we get value out of paper:

Feel free to share what you think about unbacked money in the comments section (or just respond to the email if you’re a subscriber). I’d like to know!

Happy Thursday.

Rolling Alpha posts opinions on finance, economics, and sometimes stuff that is only loosely related. Follow me on Twitter @RollingAlpha, and on Facebook at