Comment: That was the dumbest take on the $100,000 bar, uh, bill, ever!

(See in situ)


That was the dumbest take on the $100,000 bar, uh, bill, ever!

That was the dumbest take on the $100,000 bar, uh, bill, ever!

The $100,000 bill was a certificate for transferring large sums between the various Federal Reserve banks. It had nothing to do with devaluation, revaluation, reinflation, liquidity, or any other kind of instrument in the Fed's toychest, er, toolbox.

I like how the fool at BI writes $35 was the price of gold in 1934, but the buyback price in 1933 was what, $23? Oh sure, cheating honest Americans who complied is sure a GREAT way to get the economy going.

Anyway, by 1934, the economy was moving, but thanks partially to banks being reorganized and short-term jobs programs. However, since these things were guaranteed temporary, the economy began dragging again in 1935, and no $100,000 bars, I mean, bills, could help.

Because they couldn't.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"