Hobbit@Law

Looking carefully at that which is unseen.

Thinking about: The death of the dollar

Future cellmate Jim Bovard writes a bit about the decline of the dollar here. Which presents a good opportunity to get into print, for future reference with a date stamp for an “I Told You So” moment down the road, a question that has been nagging at me for some time now. Years, actually.

The Treasury keeps spending tons of additional money on developing “new” banknotes, each generation with improved features to, in theory, reduce counterfeiting. Great. Fine. Wonderful. But…

The old notes are still in circulation. So what has the introduction of the new notes done except spend a boatload of money on money to prevent something that might well happen anyway.

Unless…

At some point we’ll wake up and find that the Masters of Empire have declared, literally overnight (albeit with quiet advance notice to friends) that the “old” bills are no longer legal tender. Suddenly a lot of money stored here – and overseas – becomes even more worthless paper than fiat currency actually is.

Tinfoil? Could be. But still, worth thinking about.

Got popcorn?

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