@ Obamavenger, Yes, I do understand the concept what is more I understand the reality of it. You on the other hand do not seem to recognize a question that is designed to elicit an opinion.
Anonymous
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Its called fiat currency .... they dont have to have anything to back it up. The whole banking and finance system in the US has gone totally haywire. Besides that's one of the good things about being the govt ... they get to decide who gets prosecuted ... for what. Needless to say, they arent real big on prosecuting themselves.
That's the people of the country's job and it's called revolution. Extremely unlikely to ever happen. Americans talk a great game. But when it comes to actually doing anything. All they want to do is talk pretty much. For instance, the percentage of the US population who actually took active part in the war for independence with the british ? ... around 3-4%. Most the US population were either loyalists or neutral.
Which is about the same percentage of the US population present dy ( probably less ), that would actually be willing to do anything other than bytch and moan about the govt and what they're doing ... shrugs.
Oh and just for giggles they do have the collateral to back their debt up. Its called everything in the country ... including you, your children ... their children. They have plenty of collateral.
JZD
Good Point!
When I photocopied some money and tried to give it to the local store I was threatened with prosecution and the cops took it all away.
But the Govt rolls off a few trillion in notes and everyone hails them for saving the economy.
It's just one law for the poor counterfeiter and another for the Chairman of the Fed.
Anonymous
Sure, but I don't think thats as bad as being at war without having declared war. We haven't declared war since WWII and yet we have been at war almost constantly since then.
Plus its not the government thats printing the money. The Fed is a corporation that is semi-autonomous from the government. They do whatever the hell they want.
Patrick4024
FDR started that when he took the USA off the gold standard. But, no way is the government going to prosecute itself.
?
Governments are always above the Law... thats reality