And Trust Is Everything

Great quote from Paul Volcker: “We give government the right to print money because we trust elected officials not to abuse that right, not to debase that currency by inflating. Foreigners hold our dollars because they trust our pledge that these dollars are equivalent to gold. And trust is everything.” 

Regrettably, Volcker is rolling over in his grave now as the dysfunction in DC, running deficits at 6%+ of GDP as far as the eye can see with debt to gdp over 120% and a policy of sanctioning our enemies out of their UST holdings has meant that we have lost trust of the rest of the world. 

And Trust Is Everything

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