Well, FWIW, Lincoln did exactly that when funding the Civil War, issuing "green backs" via the Treasury, backed only by the good faith of the Federal government. He was forced into this position because the northern bankers would only lend money at exorbitant interest rates.
I'm no fan of CBDCs, either. And, FWIW, backing currency with …
Well, FWIW, Lincoln did exactly that when funding the Civil War, issuing "green backs" via the Treasury, backed only by the good faith of the Federal government. He was forced into this position because the northern bankers would only lend money at exorbitant interest rates.
I'm no fan of CBDCs, either. And, FWIW, backing currency with gold and/or silver only works if there is a fairly free market in precious metals, something we have not had for a very long time.
Well, FWIW, Lincoln did exactly that when funding the Civil War, issuing "green backs" via the Treasury, backed only by the good faith of the Federal government. He was forced into this position because the northern bankers would only lend money at exorbitant interest rates.
I'm no fan of CBDCs, either. And, FWIW, backing currency with gold and/or silver only works if there is a fairly free market in precious metals, something we have not had for a very long time.