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This is a sub-selection from It's all about the..

TheGuvnor9

join:2006-06-23
Beverly Hills, CA
reply to TexasRebel

Re: It's all about the..

Slow down Tex... You got some of it right, however the dollar is backed by our economy, productivity, and prosperity. This also translates to tangible assets.



Twaddle

@sbcglobal.net

I agree that Tex got some of it right but your claim of prosperity, economy and economy doesn't quite make it either. The US is a Debtor nation (just look at our "deficit" and who we owe money to!). We're not in some economic golden age either as more and more companies come to grips with the economy. Our unemployment is way too high and even the reported unemployment percentage is not even taking into account those who have given up trying to find work. The US dollar is backed up by empty promises at this point in time. If our creditors called in their paper we would be up a creek and unable to pay off our debt. I don't blame TEX for being so agitated.


TheGuvnor9

join:2006-06-23
Beverly Hills, CA

Again, spoken like something taken from the Media, depending on who is spinning the story. Fact, the USA cannot run out of money. Fact, we do not borrow money from other nations like you would a bank. They invest in our Economy. Fact, the dollar is backed by your sweat and mine. The largest chunk of that 16 trillion is owed to.....wait.....wait......US as in the USA. Our economy is constrained by inflation, nothing more. What economic golden age are your refering to? We have been leveraging fiat currency since 1971.