halalmoney on Nostr: ‘Value has been stolen from the citizens to facilitate government largess, ...

‘Value has been stolen from the citizens to facilitate government largess, benefitting the politically connected.’

quoting
note1jy4…0suf

Removal of the gold standard was government's admission that it has no intention of ever paying it's debts.

There is no worry of redemption for an underlying asset.

When debtors call, it simply prints the notes, that have become the new standard, necessary to fulfill its obligation.

In essence, the government counterfeits its own money, debasing the value of its own note, at the expense of all those who use and are reliant on that same note.

Value has been stolen from the citizens to facilitate government largess, benefitting the politically connected.