The power of texting

By JEFF INGLIS  |  March 2, 2012

SO THAT'S WHERE YOU GET SOMETHING STANDING IN, AT LEAST IN PART, FOR THE TRUST THAT COMES FROM — AS DAVID SUGGESTED AT THE VERY BEGINNING — A GOVERNMENT-ISSUED PIECE OF PAPER.

DW The magic of it. Maybe it's because I'm not an economist but it doesn't cease to amaze me.

WHERE DO YOU GUYS SEE THESE THINGS LEADING? WHERE ARE THE INTERSECTIONS BETWEEN THESE FORMALIZED SYSTEMS IN THIS INFORMAL WORLD?

RN Yeah, I mean, so far, money is a formalized system, right? And that's what everyone has trusted to be the medium of exchange. And I'm not sure there's going to be any kind of haphazard medium of exchange. I think that markets may look at these kinds of things and determine that you can make a better profit using them than doing business with suitcases full of cash. But I'm not necessarily sure that there's any non-formal entity that is going to be able to develop that kind of huge amount of trust. The company in Paraguay that dealt with smuggling computers and peripherals into Paraguay and then smuggling them out into Brazil did handshake deals worth millions of dollars with American companies. But of course the reason was because those companies had trust in them and because ultimately the payment was made in dollars. So I don't necessarily see that changing.

DW I have to bolt in a minute here. Believe it or not, I have to get a rental car to go to Seattle.

RN How are you paying for that?

DW Plastic. I don't adore them but I'm like you, I travel a lot, I like the airline miles, even though I know it's a gimmick to keep their hooks into me, there is some value in it. And it's quick and I don't want to have cash on me.

Jeff Inglis can be reached at  jinglis@phx.com.

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