This Week in Money
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- Steve Forbes – US China relations.
- Ellen Brown – A look at the world Central Banks.
- John Embry – Precious metals.
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Ellen Brown, at the 23:23 mark, says Federal Reserve Notes are a “promise to pay”. Such is not the case. Federal Reserve Notes, along with all other currencies in the world today, are promises of absolutely nothing. In no sense are dollars liabilities of the Federal Reserve. They are literally IOUnothings and they are intrinsically worthless (what intrinsic value does an accounting entry have?). Only their scarcity, or belief they will remain scarce, affords them ay value.
Please don’t leave such misinformation unchallanged in future interviews. Just ask…”a promise to pay what exactly?”.