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Debt-backed currency means someone is profiting off the mere existence of the currency Why do people keep saying this? Ben Bernanke does not pocket the profits
by cynicalkane 14y ago
Debt-backed currency means someone is profiting off the mere existence of the currency
Why do people keep saying this? Ben Bernanke does not pocket the profits he makes off the currency. Almost all profits from printing money go straight to the Treasury.
"But now the Government can print money to monetize their debt--" except almost all credible inflation forecasts indicate the Fed isn't printing enough money, so I don't think we need to worry about this.
As for the banking system, the service charge on my bank account suggests they are not doing very well on the whole profits-from-holding-money thing.