Amer­i­can money isn’t backed by sil­ver or gold

Maryland Independent - - Community Forum -

Jack­son? Tub­man? It doesn’t mat­ter. The new face [on the $20 bill] won’t change the fact that our money will still be a fiat cur­rency, that is, money that is not backed by sil­ver or gold. No fiat cur­rency has ever been suc­cess­ful in his­tory. A fiat cur­rency makes it pos­si­ble to have huge bailouts and run large deficits. Deficit spend­ing cre­ates a false econ­omy that even­tu­ally col­lapses when the nation can no longer pay the in­ter­est on its deficit.

Wake up Amer­ica and de­mand a real $20 bill backed by pre­cious me­tals be­fore our nation goes the way of the Weimar Repub­lic.

Ken Sperka, Pom­fret

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