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Richard's Remarks


On yesterday's site, I stated that the Fed's production of "money" out of thin air was an abomination and an affront to truth. I consider a dollar as a call against man's labor. In the old days when the dollar was backed by gold, a dollar was worth a certain portion of an ounce of gold. Since it requires man's labor or his risk to produce gold, a dollar was actually a call against a certain unit of labor as seen through a certain amount of gold. In other words, gold equals labor or it requires labor to produce gold.


When the Fed buys a batch of Treasury bonds, the Fed pays for those bonds with a book entry. Nobody worked for the money with which the Fed purchased the bonds; the bonds were bought with no labor but with a simple book entry by the Fed.


I call this an immoral ... Log in or subscribe to continue reading.

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