11.26.2008

money from nowhere

"This current bailout, calculated only up to $4.6 trillion, has cost more than the following government expenditures combined: The Marshall Plan. The Louisiana Purchase. The race to the moon. The S&L crisis. The Korean War. The New Deal. The invasion of Iraq. The Vietnam War. NASA. All of those combined, in inflation-adjusted dollars, equal $3.92 trillion."
- Rush L.

4 comments:

Harrison said...

Hey Zach, how is your new job?
Back on topic: This is what happens when your country's currency is NOT backed by a solid asset (i.e. GOLD).

Zach said...

Harrison!

Good to hear from you. My new job is going well, keeping me very busy. I don't get as much time to read and write anymore, but it's probably for the best.

I hope to hear things are good with you. We should hang out sometime.

Rob said...

-This is what happens when your country's currency is NOT backed by a solid asset (i.e. GOLD).-

I am fairly ignorant in matter sof economics but I am curious about the gold (and silver) standards. Would it be possible to see a post on Civics Geeks about this topic? I mean, one which really explains the nitty-gritty about how this worked and why it was better than the present system.

Zach said...

Rob,

I'll look into it but at present I am fairly indifferent to the matter. As I understand it, the value of gold is also a relative quantity. It's just that, over time, people have always tended to value gold.

That said, there are serious people who advocate for this. I think I'll do some research and see what I can find.