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jet is right. The dollar bill is the equivalent of an IOU.
What is you company said that they could no longer pay you money for your labor, but that they would give you an IOU to pay the money sometime in the future. You migh say, I'll do it only if my landlord and the local grocery store will accept the IOU in return for rent and food. In theory, if everyone accepted the IOU as a valid currency, then services and products would flow, as long as no one stopped believing that there was a payday down the road.
The US and state governments are BROKE. So what do we do, keep having the FED print phantom money? Will that fly with the rest of the world? Things will NOT get any better for at least a decade, not until we revamp our entire economy and banking system.
Jobs Contract 20th Straight Month; Unemployment Rate Hits 9.7%
States have simply run out of money to pay benefits and been forced to borrow from Washington a total of more than $8 billion. That number is almost certain to grow as more states reach the brink. If they are not able to pay that amount back before 2011, which most will not be able to do, they face paying hundreds of millions of dollars in interest.
What is you company said that they could no longer pay you money for your labor, but that they would give you an IOU to pay the money sometime in the future. You migh say, I'll do it only if my landlord and the local grocery store will accept the IOU in return for rent and food. In theory, if everyone accepted the IOU as a valid currency, then services and products would flow, as long as no one stopped believing that there was a payday down the road.
Don't forget that the government's IOU was borrowed, AT USURY, into existence. To pay the interest, they have to borrow MORE.
The reason is simple, a Federal Reserve NOTE is not money, by definition. The government nor the Fed are "printing up money".
MONEY. In usual and ordinary acceptation it means gold, silver, or paper money used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate.
Lane v. Railey, 280 Ky. 319, 133 S.W.2d 74, 79, 81.
BLACK’S LAW DICTIONARY, 4th Edition, p. 1157.
What has been going on, since 1933, is simple - the bankrupt U.S. Congress is using Americans as human resources, pledged as collateral on the unpayable national debt. Each enumerated American is thus an obligated party (contributor) equally liable. Which makes the NOTE "legal tender" (not lawful money) as tender in discharge of debt.
Dollar bills are not dollars.
Since 1933, no dollars have been in circulation.
The "BIG LIE" has been in effect, for over 70 years.
I Actually agree with this and it has some validity to the claim. However, the whole world operates under a fractional reserve banking system run with central banking authority, so while you have a point in what you're saying, the rest of the WORLD is equally as ph&cked as citizens in the United States. What you are describing in the United States also applies to every country in the world. At this point the only countries that could legitimately afford to back their currency with a commodity like gold or silver would be extremely small countries, that have never experienced central bank inflationary pressures on their currency.
I cannot name one country can you?
Basically what i'm saying is I agree with you, but everyone is tied to this sort of banking system, so if the US goes, so goes everyone else. You simply cannot extrapolate such a large amount of a valuable commodities like gold or silver and back the growth of a country with a population in excess of 100 Million people. Not saying the Fed is a necessary evil, but we'd all have to accept an extremely lower standard of living (i know sounds counter intuitive, because inflation alone destroys wealth, but how could we possible dig out gold from the ground to keep pace with the growth we all want???).
Basically what i'm saying is I agree with you, but everyone is tied to this sort of banking system, so if the US goes, so goes everyone else.
Quite true today. But do you notice the rumblings from China and Russia about a new reserve currency ? Also talk of the IMF notes ?
China just invested about $50 billion in those new notes.
I think it's just a matter of time before something will come into play to replace the USD as world reserve currency.
Quite true today. But do you notice the rumblings from China and Russia about a new reserve currency ? Also talk of the IMF notes ?
China just invested about $50 billion in those new notes.
I think it's just a matter of time before something will come into play to replace the USD as world reserve currency.
History of mediums of exchange support your view HappyTexan, so it's not a matter of will it happen, but a question of when?
Any other currency the world goes to is still just as much BS as the USD, because China has no way to back its currency via a commodity either etc. I suspect the only reason they are interested in teaming with Russia is Oil Reserves etc. Russians have proved to be almost as incompetent with their own money as Zimbabwe, so not really the best partner to go into business with for a new currency. USD still remains the best option (for now)
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