The Great Divergence

[Zenda]

How would that be a problem?

You tell me. Or, rather, you already did:

The value of 'real' money is guaranteed by authorities, as you say, but the value of 'phantom' money is only promised by its users. Real money cannot be issued by just anyone, while phantom money can simply be created by inventing something abstract and assigning it a value, which is 'backed' mostly by already owned phantom wealth, and only for a small percentage by real wealth. Such 'sophisticated' methods typically require a constant influx of new capital, like any other pyramid scheme, so the total amount of phantom money needs to grow. This is what mostly drives the divergence, imo.

Just forwarding growing phantom capital as a possible exlanation for the current divergence. Where do I label something a problem?

You appear to be going with what wiki calls the "common" as opposed to the "academic" usage. My own opinion (admittedly, as an academic) is that the "common" usage is incorrect

So it's only your opinion that I'm wrong. I can live with that