Wednesday, March 16, 2016

Did You Sell Out?

Speaking of money... As you know, the value of gold has been used as the standard for many currencies. After WWII, the United States created the Bretton Woods System, which set the value of the U.S. dollar to 1/35th of a troy ounce (888.671 mg) of gold. This system was abandoned in 1971 when there was no longer enough gold to cover all the paper money in circulation. So, what do we use to back our currency now? Nothing, absolutely nothing, except if you count the faith of the people to agree to use a purely fiat currency. The fact is, your money is nothing but paper. If you've been blessed and managed to accumulate a small fortune through hook or crook or luck, don't make the mistake of believing your padded bank account makes you an authority on anything or will save you from the ravages of sin, death, and dishonor. I'm pretty sure about this.

No comments:

Post a Comment