Congratulations, you’ve described “The Market”. But this market of monetary ideas isn’t solely arbitrary as you describe.
Aristotle defined sound money as durable, portable, divisible, and, most importantly, scarce. The idea of sound money is an ‘objective’ notion when applied to reality.
Hence, any narrative based on illusions will collapse like John Law’s Mississippi Bubble. Mass Delusions of Crowds do not dictate reality for very long.
