You make my point.
There are no restrictions on how much money is created with the stroke of some computer key.
The requirement that a government hold an appropriate amount of gold would prevent some of the craziness.
I believe that referring to paper money is a mistake.
We should refer to it as vapor money.
I appreciate your reminding me of how banks loan money, the same money, multiple times. I have known that for a long time but had forgot.
We will never agree today, or even this month, but if you are less than 70 years old the chance is very good that you will live long enough to find out that something must be done to get federal spending under control.
Biden has already cost me more than $400,000 but I still have enough to make it if he can be restrained for the remainder of his term.
What you’re failing to understand is I’m not telling you how things should work. I’m telling you things HAVE ALWAYS WORKED.
ALL money is a lie. It only has value because people say it does. Gold money is a lie. It only has value because people say it does (and honestly in this modern world it doesn’t, try buying groceries with gold). Backing paper money with gold is TWO lies, the money isn’t actually backed, and neither the paper money or the gold have actual value other than what people say it does.
ALL money is vapor money.
I might have reminded you, but you’re still not understanding what it means. Backed money or not the economy is ALWAYS propped up on make believe money, that doesn’t even physically exist, and can’t be backed, plus of course the backing means nothing.
Getting federal spending under control has NOTHING to do with backing money or not. Federal spending was out of control when we had backed currency. Partly because they never spent real currency. Even before they were spending debt they were using the equivalent to checks. We’ll never restrain Biden. We’ll never restrain ANY politician. Every president in your life time, even the ones you voted for, even the ones you think were awesome, spent like drunken sailors. That has nothing to do with how we define our money and everything we keep empowering to, and even demanding, government do. When government gets to do whatever it wants it’s gonna spend a lot of money. And what that money is made of has nothing to do with it.
You’re in the “I have a hammer so everything must be a nail” land. Government spending ain’t a nail, a hammer ain’t doing anything about it.