Thursday, August 18, 2011

What Does "Fifty Dollars" Mean...?

If I have to choose between Grant or Lady Liberty, I choose Lady Liberty...

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1 comment:

William J McKibbin said...

As agrued by J P Morgan, "Gold and silver are money. Everything else is credit." Thus, Federal Reserve Notes, Bills, and Bonds are a form of credit issued by the Federal Reserve -- gold and silver on the other hand, are money.

Note also that Federal Reserve Notes are issued by the US Federal Reserve, whereas gold coins are issued by the US Treasury. The distinction is instructive as to the origins of money.

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