David Hillary wrote: >Central banks hold reserves of assets sufficient to pay all their >currency liabilities and all their deposit liabilities. This can be >seen from their balance sheets. > Is this a joke?
The assests the central banks hold are called I.O.U.'s. I don't know about Australia, but in the United States the dollar is backed by debt. A dollar is nothing more than debt token. It is not even a promise to pay any more. Dollars are only worth what people are willing to exchange them for. The dollar is accepted worldwide because of the stability of the US Government, not because it is actually worth anything. When the US falls into a deep recession the value of the dollar will not be much. That is why the Fed is scrambling to try to stop it. --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Did you know that e-metal is a wonderful holiday gift? Avoid the hassle this year!
