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Adding zeros doesn't add wealth

Published:

www.boncherry.com/blog/2008/10/26/global-crisis-this-is-the-real-crisis/

Short article with lots of pictures, showing what happens when you create money backed by nothing (faster than every other criminal gov't is printing money backed by nothing, at least)

When I see a thread about "Would you play a lottery with a billion dollar prize?", I notice no one asks about the buying power of the theoretical prize. I do notice the usual suspects who chime in about how much is "too much for one person", and "What could you possibly buy with that much money?"

Oh, it may be just enough to buy yourself a plane ticket out of that hellhole.Ponder

When I read about wealthy people who died long ago, the story invariably will state their nominal worth at the time of their death and then state the amount in something called "today's dollars". This number attached to "today's dollars" is always larger than the nominal amount.

You read Abraham Lincoln was 6ft 4in tall. You never read "Well, that would be 10ft tall, today." Crazy

That should tell you something about your dollar.Skeptical

Oh, but don't you worry, Tiny Tim Geithner is gonna fix it all. Just like he did at the New York Fed. Just like the vet 'fixed' your dog.Leaving

Entry #225

Comments

1.
ThinkComment by Think - March 28, 2009, 10:36 pm
What do you mean "money backed by nothing" ? All money is backed by nothing. Always was backed by nothing and always will be backed by nothing. Whether you print it on paper or mint it with gold it is backed by nothing.
2.
time*treatComment by time*treat - March 29, 2009, 4:10 am
Here to demonstrate a complete non-understanding of the concept ...
3.
konaneComment by konane - March 29, 2009, 9:11 am
Wonder what they recycle those old bills into? ;-)

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