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Politics : American Presidential Politics and foreign affairs
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To: Peter Dierks who wrote (32611)2/12/2009 11:13:21 PM
From: RMF  Read Replies (1) of 71588
 
Peter, I can just see it now..

ALL state Tax returns filed in Indiana would ask for their refunds in gold/silver and Indiana would end up running their printing presses overtime to send out all those "equivalent electronic receipts" rather than any gold or silver.

Then Indiana would go broke chasing after gold or silver in the open markets to satify all those receipts.

The problem in the U.S. hasn't been caused by "fiat money", it's been caused by spending more fiat money than we take in year after year.

The Chinese use "fiat money" called the Yuan and their money hasn't lost its value, if anything, they've had to artificially keep the value of their money DOWN in relation to other currencies.
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