yes but in August 15, 1971 the US stopped using the gold standard. Ever since then when the Fed needs more money they just printed it. Reminds me of that scen

yes but in August 15, 1971 the US stopped using the gold standard. Ever since then when the Fed needs more money they just printed it. Reminds me of that scene in Douglas Adams Hitchhiker Guide to the Galaxy "“Thank you. Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich. [...] "But we have also," continued the management consultant, "run into a small inflation problem on account of the high level of leaf availability, which means that, I gather, the current going rate has something like three deciduous forests buying on ship's peanut." [...] " One wonders when the defoliation stage is going to hit.