Tag Archives: Inflation

The post-1971 buck was cut off from the reality of time, resources, skills, and output. It was a credit-backed dollar, not an asset-backed dollar …

— Bill Bonner Letter October 2016 The post-1971 buck was cut off from the reality of time, resources, skills, and output. It was a credit-backed dollar, not an asset-backed dollar. The pre-1971 dollar represented real wealth – it was tied to the real economy (which produced real wealth) by gold. And dollars tended to end …