and this man was in charge??? It's a wonder the US managed a credit rating at all!
no plus ones
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- He's kinda right. Fiat money requires no backing.
As long as there is demand for USD, the feds can print or conjure it out of thin air, without devaluing it, and "loan" it to the US govt. As long as the world uses oil, there will be demand for the USD, and thats just one of the sources of demand.
I think the onion does it best
http://www.theonion.com/articles/us-economy-grinds-to-halt-as-nation-realizes-money,2912/Aug 8, 2011
- Print money, whats the problem. ? :-)Aug 9, 2011
- Rakshan, interesting article in the Onion :)
Venkat - no problem... they'll need to get congress to agree to up the limit again and they'll need to keep everyone away from trading oil in any other currency, which means they'll have to keep the wars on.Aug 9, 2011