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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: SGJ who wrote (27009)3/11/2010 8:02:39 AM
From: GROUND ZERO™  Read Replies (1) | Respond to of 103300
 
So, we already have nothing but IOU's as currency... this is very encouraging...<g>

GZ



To: SGJ who wrote (27009)3/11/2010 10:07:18 AM
From: Wayners  Respond to of 103300
 
A central bank can fail just like any other bank. All the dollars printed are liabilities on their balance sheet. Unfortunately with the Fed, all holders of dollars would only be able to claim pennies on the dollar from their asset side of the balance sheet. The Fed's balance sheet assets is a lot of loans, some gold, and a lot of paper like U.S. Tresury bonds, notes and bills...in other words the paper dollar is backed by more paper for the most part. What a scheme.


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