PanaTimes

Saturday, Sep 18, 2021
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Let’s all please stop calling dollars ‘fiat money’. They are not fiat and they are not money.

Let’s all please stop calling dollars ‘fiat money’. They are not fiat and they are not money.

The US Dollar is not a money, as it is not backed up by government or assets. It is a virtual credit note, created out of nothing (just a number added onto a balance sheet), and backed up by nothing but a “promise” to pay it back. The Federal Reserve can create endless US Dollars out of nothing, without having anything on their own to back it up aside from the ability to create just more of the same nothing. The Fed “gives” this nothing as a “credit” in exchange for whatever they accept as collateral, whether the collateral is really worth anything or not. And if the debtor fails to pay it back, the Fed just creates more nothing to bail them out, as often as necessary. The AIG vicious circle, for instance, is a prime example.
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Oh ya 75 days ago
Well they should start with a audit of the gold the US Goverment says it has but has not allowed a audit for 50 years or so
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