Inside a made-in-china bag of toys that my 6-year old received as a gift, I found this toy debit card! Doesn’t this bring back memories of the toy credit & debit cards that you played with as a child?
Oh, wait a second – they didn’t have these back when you were a kid! Children’s toys are a reflection of the adult world, and they thus tell a story. And that story is one about the transition from an economy that was based upon manufacturing objects of value – to an economy whose foundation is borrowing and creating debt.
To a 6-year old’s mind, when you buy something it just magically becomes yours. To the mind of those adults who manage the money supply, printing more money (electronically or on paper) magically fixes the economic malaise.
One may excuse the child for not understanding how the world really works, but not the adults…