Thursday, April 7, 2016
Our Daniela and Jim Rickards
Jim Rickards was interviewed by Our Daniela recently, and I won't bother giving you a link because you probably have toenails to trim or weeds to pull or something infinitely more useful.
But here's a quote illustrating how infantile Rickards is:
"The confidence of the entire global system of finance rests on the US dollar. Confidence in the dollar rests in the solvency of the Fed's balance sheet."
Uh, no, idiot.
Confidence in the US dollar rests in the fact that the US government has the ability to tax its citizens and require payment in US dollars. And due to US trade supremacy, it effectively has the power to tax the entire rest of the world in US dollars as well.
Currencies are things you pay taxes with. And the ultimate currency is the one used by the ultimate world power.