Old Project Avalon Forum (ARCHIVE) - View Single Post - The US dollar is now back on the gold standard

Machinamentum · 06-22-2009, 08:03 PM

That's got to be BS.

Money is created out of debt. How can that be backed by gold?

Everytime you swipe your credit card your creating money. When you sign a loan for a mortgage, you create money. That ability doesn't apply to the physical, like gold. Money (fiat) is a bookkeeping entry.

06-22-2009, 08:03 PM	#6
Machinamentum Avalon Senior Member Join Date: Sep 2008 Location: Colorado Springs Posts: 413	Re: The US dollar is now back on the gold standard That's got to be BS. Money is created out of debt. How can that be backed by gold? Everytime you swipe your credit card your creating money. When you sign a loan for a mortgage, you create money. That ability doesn't apply to the physical, like gold. Money (fiat) is a bookkeeping entry.