Comment by stouset
4 months ago
As a homework exercise, I’d like you to consider just how much gold would be necessary to back the current amount of dollars in circulation.
4 months ago
As a homework exercise, I’d like you to consider just how much gold would be necessary to back the current amount of dollars in circulation.
This is a dumb question. The Fed can endlessly print as many dollars as it wants. They could print $20 trillion tomorrow. See? Just think about how much gold would be required to back that $20 trillion! Clearly gold is stupid. Right?