Quote:
Originally Posted by - LOL -
USD is not backed by gold.
Basically, it is as valuable as paper.
|
what are you talking about? The Fed can always print up more!
kidding of course, since we went off the gold standard in the US a time of potential economic collapse was almost inevitable. And if you give a group of private companies the power to print as much money as they like and loan it to a government that is desperate for cash you are setting up a system intended to be abused and that's just what the US did at the beginning of the 20th century. Deregulate the financial institutions and bang! Runaway inflation which is the last thing the American economy needs right now.
I am not being a chicken little, I think there is a way to save the economy before hyper-inflation and financial collapse happens but I have no idea how to save it. That is a job for people a hell of a lot smarter than me. I would assume that would include placing very strict regulations in place but in the current political environment I don't see how that would be possible