[Previous entry: "Matt Welch tears his new employer a new one"] [Main Index] [Next entry: "New Hardyville Column"]

02/01/2006 Archived Entry: "Fiat fiat currency"

Fiat fiat currency?

Raving reporter Thunder here. It's no news to anyone in the freedom movement that U.S. currency isn't worth spit. The use of precious metals to mint coins was steadily being reduced until the 1960's when it was finally ended completely. Even though the currency wasn't itself worth much, it was at least backed by gold.

Well, Nixon ended all that in the early 1970's. The creation of fiat currency (currency that isn't backed by anything other than the government saying that this piece of paper is worth more than this other piece of paper) has enabled the government to spend, spend, spend, manipulate the economy, and so on and so forth.

Well, now it appears that trial balloons are starting to go up about getting rid of our fiat currency. Is it going to be backed by gold once again? Nope. It's just going to go away and be replaced by 1's and 0's.

Sure, it's all conjecture at this point in time, but what professsional liar/crook, er....I mean, politician wouldn't love to end that needless expense of paper, nickel and copper.

Posted by Thunder @ 09:34 AM CST
Link