Tuesday, March 29, 2016

Debt is not Money

Here a mainstream writer continues saying what I've been saying:
Now that we’ve defined what money is, let me further define what money is not: debt. All U.S. dollars, which is to say Federal Reserve Notes, are debt. They are neither redeemable for anything by their issuer, nor is there a limit on how many can be created. They represent only a vague claim against the “good faith and credit” of the United States government, which is to say the government’s ability to extract taxes from its subjects.
He goes on to urge people load up on gold.  If what he predicts is true, then any gold you'll have will be forfeit.  Better to have a business, not gold.

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