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Creating some more numbers costs us nothing — that number would be better measured against the accruing negative value of Florida’s (and other coastal states’)
by Lammy 4y ago
Creating some more numbers costs us nothing — that number would be better measured against the accruing negative value of Florida’s (and other coastal states’) economic downtime instead of as a thing with any worth of its own: https://web.archive.org/web/20220104144948/https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx https://web.archive.org/web/20220104144948/https://www.treas...
“Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy.”
- ericd 4y agoThanks for the lecture on fiat currency, but it’s valuable because will do work for it, and because international oil purchases are denominated in it. Read up on the petrodollar system if you’re interested. And devaluing it is not without cost, inflation causes all sorts of turmoil.