twostrokenut
Well-Known Member
That is "money of account".
United States Notes are backed by gold still to this day...to the tune of 300 million.
They are inelastic and may not be used for reserves aka fractionally lent.
Although interest free still not a dollar.
Elastic currency requires full faith and credit....and you are correct in that we perpetuate it.
Make no mistake the elasticity perpetuates the war machine and removes accountability.
United States Notes are backed by gold still to this day...to the tune of 300 million.
They are inelastic and may not be used for reserves aka fractionally lent.
Although interest free still not a dollar.
Elastic currency requires full faith and credit....and you are correct in that we perpetuate it.
Make no mistake the elasticity perpetuates the war machine and removes accountability.