Why Is the Fed Losing Money When It Does Such a Handsome Business With Irredeemable Paper Money Abroad?
At some point a leader will step forward prepared to call the central bank out on its losses.
The Federal Reserve issues the most successful irredeemable, pure fiat circulating paper currency in world history, in other words, dollar bills. These printed pieces of paper are formally titled “Federal Reserve Notes,” but they are not really notes, because a note is a promise to pay, and Federal Reserve Notes don’t promise to pay anything at all.
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