Posted 9/11/2021 10:03 (#9214387 - in reply to #9214199) Subject: RE: End of the Road: How Money Became Worthless
Currency doesn't need to be backed by gold or anything else...the Athenians proved that thousands of years ago when their Athenian Owl was counterfeited.
I get what your point is...about debt and not paying it off...It is bad and it is the reason for their Great Reset...they have destroyed their bond markets and that is where the crisis lies. Their quantitative easing was a huge failure along with their Keynesian economics...Their Modern Money Theory will fail also. Adam Smith wrote about the Invisible Hand which is us the hard working people that drives the economy that makes it work with no government intervention...the natural cycle of business...these politicians that think they can manipulate business cycle is how we arrived today with this bond crisis.
The value of a currency is its peoples ability to produce something...