Fun fact, "greenbacks" were issued by President Abraham Lincolnβs administration during the Civil War to fund military efforts when traditional borrowing in specie (gold) proved insufficient.
They were non-convertible paper currency, legally mandated as "legal tender" for all debts, though notably, import duties and interest on public debt still required payment in gold.
Wouldn't it be interesting if the current tariffs were declared to be payable in gold?
#gold #tariffs #trump #inflation #money #bitcoin #zaps
Great and relevant passage from the book:
"Inflated, Money, Debt, and the American Dream"
Even as the United States was beginning to mobilize for the conflict in 1940, Keynes published a pamphlet How to Pay for the War, which set forth the three ways a war can be financed: taxation, inflation, and forced savings. Keynes favored the last and believed that along with taxes and debt, savings by individuals should be the way government not only financed the war but also managed supply and demand.
