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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 414.47+0.7%Jan 9 4:00 PM EST
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To: TobagoJack who wrote (12330)12/11/2006 2:15:08 PM
From: Ilaine  Read Replies (1) of 219240
 
Central banks don't create credit. They are just clearing houses. Credit is quasi-money backed by non-liquid assets like land, fixed capitol, and labor.

The only way credit can be created is if the borrower and the lender can agree on a price, which includes the time value of money, and opportunity costs.

When the Constitution was enacted, slavery was legal, women couldn't vote, and neither could men who did not own land. I don't regret bidding farewell to those barbarisms, either.

As for Confederate money becoming worthless -- what do you expect from a country whose economy depends almost entirely on slavery, after the slaves are freed? Not to mention the fact that the Confederate government issued fiat money to serve its own purposes, not the purposes of business, commerce, and industry. That's always a bad move.
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