“This is the result of an unbacked, fiat, debt-based currency, courtesy of the Federal Reserve.”
Nice try, but it was Nixon and Congress that got rid of the last vestiges of the gold standard. The Federal Reserve has no say in whether or not we operate with a gold standard.
>
“This is the result of an unbacked, fiat, debt-based currency, courtesy of the Federal Reserve.”
Nice try, but it was Nixon and Congress that got rid of the last vestiges of the gold standard. The Federal Reserve has no say in whether or not we operate with a gold standard.
>
It is the culmination of BOTH illegal acts; Congress having no authority to abscond its authority over monetary policy to any other entity (w/o an A.), nor the Pres/Congress removing said last constraints (not as if they bother to even uphold the Constitution anyway).
The 1st allowed Socialism to root in the U.S. The last will be noted as being the killing stroke.
Yet the elected will continue to enjoy the pillaging of the Treasury while looking perplexed as the house of cards *finally* falls, “How’d THAT happen? *wink wink*”
You missed the point. No gold standard allows the central planners at the Federal Reserve (and all central banks) to monetize debt at will, because there is absolutely nothing to stop it from doing so. The Fed's balance sheet is $4.5 Trillion of Treasury and Government Agency debt, and it has suppressed interest rates on US government debt to 2% or less. There is NO WAY the Fed can/will ever sell that debt, and in the next economic downturn, they will buy even more. So if you are Paul Ryan or Mitch McConnell. It is obvious - raising the debt ceiling has ZERO consequences. Every social-engineering and nanny-state scheme will get funded and we thus have a uniparty who all agree to keep the spending taps wide open
Its not just the Federal Reserve either, but every single central bank in the world is printing money like mad. Japan's Central Bank owns at least 10% of every nearly every major Nikkei stock and holds public and private debt at 70% of Japan's GDP. The Bank of England now holds 25% of British Gov't bonds, while the ECB owns nearly 33% of >2 year German Bunds. The world is awash in debt from governments trying to keep themselves afloat.