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To: GourmetDan; expat_panama
Does the fact that we can exchange fiat for six-packs mean that the currency is beer-based.

I didn't see where EP had stated that the $USD was gold based, rather than one could exchange FRNs for gold. My bad.

However, technically, FRN's are backed by Ts, and now GSEs, which are "unofficially" backed by Ts (wink-wink, nudge-nudge, know what I mean?). Ts are supported by the assumed going concern nature of the USA, which itself is based on its taxation authority.

Since said authority is levied against all economic production, including beer, then I think we can safely conclude that FRNs are indeed backed by a beer-standard. LOL

246 posted on 08/11/2010 3:09:38 PM PDT by semantic
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To: GourmetDan; semantic
FRNs are indeed backed by a beer-standard. LOL

Hey you're right!  The fed's mission is to regulate the dollar's value as measured by indexes such as the cpi, ppi, gdp deflator, etc, which all include the price of beer in the calcs.

Learn something new every day I guess...

277 posted on 08/12/2010 8:31:19 AM PDT by expat_panama
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