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#8
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1) Consistently print more money than we destroy (on a federal level) [/ QUOTE ] Yes [ QUOTE ] 2) If so, who gets the benefit of this extra money printed? [/ QUOTE ] The first users who receive the money before prices increase [ QUOTE ] 3) How do we keep track of the amount of digital money since most money now is not kept in hard currency? [/ QUOTE ] Not sure [ QUOTE ] 4) How do we find out how much money was created, either through printing or other creation, in the past year? Further, how do we know how much has been destroyed? [/ QUOTE ] Not sure. Mints might know. [ QUOTE ] 5) Why is our money not backed by something of value? Why did we decide to get off gold and silver standards? Doesn't this make more sense? [/ QUOTE ] This is going to get you a variety of answers. Many believe that a fiat currency facilitates government spending, since they are not limited to a fixed amount of money. A video from the Austrian perspective on the topic. [ QUOTE ] 6) What is it that is currently backing our currency? [/ QUOTE ] The government's word that "we're good for it". |
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