the Federal Reserve (known to the knowledgeable as "as Federal as Federal Express") is considering selling its own debt instruments. If there was any doubt that the dollar's value is based on nothing* it should be completely clear now: the dollar's value is based on nothing. Go. Read. Shudder in disgust and horror at the prospects for our economy.
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*The dollar is backed by the full faith and credit of the United States government. The US government, depending on how you count debt, is anywhere from eleven trillion to around a hundred trillion dollars in debt, and continues printing its own money. Credit is theoretically unlimited... value of the medium of trade, however, may have a bit of long-term downside potential. And as to faith, well, I suppose that's debatable.
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