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New York Sun/Editorial/7-2-2020
“Talk about an ideological coup. This was the real thing. Fiat money meant there was no fixed value to the dollar, neither in gold nor silver. If one were to present a piece of Federal Reserve scrip — a sawbuck, say — at the Treasury, one could exchange it for neither gold nor silver but for merely more scrip, maybe ten singles, or slugs that, owing to the Coinage Act of 1965, are made of base metal dolled up to look like silver or copper.”
USAGOLD note: Every once in awhile the New York Sun publishes a gem of an editorial on monetary economics. Most simultaneously embrace and transcend party politics. The link above takes you to the latest …… Bad money drives good into hiding, as Gresham taught us and Ed Stein so effectively illustrated in the cartoon above.