Tuesday, May 05, 2009

Confidence Is Falling In Our "Faith Based" Currency

Dallas Fed President, Richard Fisher “I have spoken of our “faith-based currency,” a term I use only slightly tongue in cheek. The dollar is a fiat currency. It is backed only by the federal government’s power to raise the revenues needed to meet its obligations and by the rectitude of the U.S. central bank. If the market were to lose faith...

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