Replies to post #10147 on NO QUARTER FOR CORRUPTION (Focussing on The Fed./F

[jawmoke]

yeah, it's not new info. but it just struck me how many of us say
fiat money is not backed by anything..

I won't be able to say that again

[Vexari]

monetary policy today is guided by little more than government fiat

by the calculations, often mistaken economic theories, and whims of central bankers or, even worse, politicians

under such a regime

inflation of three or four percent annually has come to be viewed as a stellar monetary performance

however, under a more sound monetary system -- i.e., a gold standard

such increases in the general price level would be seen as wildly inflationary..


~ Raymond J. Keating ~

American writer, economist

Source.. BOOK REVIEW: THE ANATOMY OF AN INTERNATIONAL MONETARY REGIME: THE CLASSICAL GOLD STANDARD 1880-1914, THE FREEMAN, p. 645, September, 1996