The US dollar is not a fiat currency. Forever I have been hearing the calls that the us dollar is a fiat currency backed by nothing. The only way to really securely save wealth is to put it in gold or other more secure currencies. right? Well Here is another take on the greenback... Lets say that it isn't a fiat currency and that it is backed by something. And whats that something? It's simple, its backed by YOU. The productivity of the US worker is what backs the us dollar. Once u get past the "I'm not a financial calculation i'm a human being" sentimentality it's a rather simple conclusion. The only reason the government can take on debt or the fed can rapidly print money is because the american workforce is the most educated, dynamic, hard working, and productive commodity in the world. (for now). Why back your currency in a precious metal all it does is sit in an expensive vault. Back your currency in the expectation of actual labor, productivity, and innovation. Now thats what i call currency backing. financial Crisis's will come and go and the money supply will shrink and expand but americans will always need to work in order to survive and that collective human machine is where the usd derives value. Are we therefore money slaves? Yes. Do we have the liberty to chose to not be? ask your neighborhood hobo. |
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