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Why would you tie an economy's capacity with the limited supply of a good? These trillions of debt (could) have created equivalent value in infrastructure, educ
by cgio 9y ago
Why would you tie an economy's capacity with the limited supply of a good? These trillions of debt (could) have created equivalent value in infrastructure, education, military power etc. The fact that the gold equivalent of what amounts to a whole economy does not exist is not an indication that the value is not there in the economy.
- Consultant32452 9y agoI didn't make any value statements on whether or not I think an asset backed currency is preferable. I just pointed out that the US defaulted on its debt when we told the world we weren't going to pay them back what we promised.
- hueving 9y ago"we"? The US abandoned the gold standard in the 1930s. The "we" that promised anything is long dead and has nothing to do with the "we" (US citizens) now. A citizen today is no more accountable for actions taken that long ago than for actions taken 4000 years ago.
- Consultant32452 9y agoNixon was the one that put the nail in the coffin of the gold standard and defaulted on our debt. I don't see how it makes a difference how old our debt is if we're still paying the interest on it.