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See Rothbard's What Has Government Done to Our Money . When a regular person buys a government bond, that person is spending money they had to have somehow received beforehand from someone else. That is, it must have been money that was already in circulation. When the Federal Reserve buys government...
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[quote user="Norak"]Wouldn't it be better to simply buy land in the country, stockpile on food, guns, water, and so on? You can't eat gold.[/quote] Possibly. However, not everybody can buy land or grow their own vegetables. Therefore, gold serves the rest of us who need to trade. The...
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[quote user="Ed D."]I suspect that what your professor meant was that since the supply of gold is limited there is not enough gold to back an infinite number of printed , worthless paper fiat dollars thus not allowing for an infinite , unaccountable governmental spending spree. He's right...