Friday, April 10, 2009

Why bother?

Money used to come with a stern warning on it about counterfeiting, and a tremendous amount of filigree to make it difficult to copy. In this day and age, with Mr. Obama's predilection for issuing debt at every meal, it might be more economical to abolish the Secret Service's mission to control currency and let the counterfeiters run wild. We could save the money that the SS and the Bureau of Printing and Engraving cost. Even with all the copy machine and laser printers running full time, there would be less unbacked currency than the Government dumps into the economy now.

1 comment:

luxomni said...

Note also that this one is valid for everything except duties and interest on the debt. The Reasons?
This is a United States Note, an unbacked currency issued by the Government.
Prior to the income tax, tariffs and duties were the only ways to bring revenue into the Government. US Notes were backed like the Federal Reserve Notes now only by promises of future redemption by the next fool down the line. So it made no more sense to pay the interest on the debt with more debt, than it would to pay your credit card interest with the same credit card.