To: PeterFinn
so long as the cash holds its value... And therein lies the rub. It's only paper whose value is strictly notional. Once peoples' trust is gone, paper backed by nothing is worth exactly that.
14 posted on
04/01/2008 11:14:37 AM PDT by
Noumenon
(The only thing that prevents liberals from loading us all into cattle cars is the power to do it)
To: Noumenon
And therein lies the rub. It's only paper whose value is strictly notional. Once peoples' trust is gone, paper backed by nothing is worth exactly that. Our money is backed by the goods, services, and investments of the United States economy. Of course, you can send me all your worthless paper to prove your point.
17 posted on
04/01/2008 11:32:09 AM PDT by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: Noumenon
If several banks close, cash will be at a premium, at least short term.
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