The US Dollar is a coin of a certain weight & purity. A measure (noun) of silver. Valued around the world well over 2 centuries.
The gold & silver standards were promises to pay... to pay the bearer of a gold or silver certificate in the respective metal... gold or silver. The price edicted by the US government was denominated in Federal Reserve Notes. The tender paid varied widely around the world.
Printing Federal Reserve notes done with abandon. Caution to the wind. All can see a denomination. None know its measure. Its value is not weight, nor purity. The Federal Reserve Act, 1913 admits in line one: "an elastic currency."
A tragic comedy: An elastic currency? To what point do you rise?
Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul ☑
Want DP delivered to your inbox daily? Subscribe here: