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Ideally money is something with intrinsic value. Unfortunate
Posted on: September 11, 2024 at 14:11:12 CT
JeffB MU
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ly, the US dollar, which was defined as 372 grains plus 4/16 of a grain of pure silver (1792 Coinage Act), but has since morphed into fiat currency... pieces of paper with dead presidents (& Ben Franklin) on them backed only by the 'full faith and credit of the US', which is tens of trillions of dollars in debt with no way of paying that debt off other than to continue to print ever more and more of them.
The value is dropping, and if history serves as a guide, will soon become worthless. "Soon" is a relative term, of course, but the writing is on the wall. It will continue devaluing, and probably the speed of that devaluation will accelerate, likely to the point of hyper inflation.
Edited by JeffB at 14:11:51 on 09/11/24
The value is dropping, and if history serves as a guide, will soon become worthless. "Soon" is a relative term, of course, but the writing is on the wall. It will continue devaluing, and probably the speed of that devaluation will accelerate, likely to the point of hyper inflation.
Edited by JeffB at 14:11:51 on 09/11/24
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Ideally money is something with intrinsic value. Unfortunate - JeffB MU - 9/11 14:11:12