The Real Bills cult has been out and about again so, here, are a few follow up thoughts stimulated by the series of comments attached to my last post on the topic.
In this, I’ve tried – once again – to point out the fundamental error on which has been erected the vast Gothic folly of RBD(indeed, the latest from the Guru himself is almost a Swiftian self-parody of warped logic, obscurantism and faux profundity – well worth a chuckle!).
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Unlightenment from NewFumbling.
Since bills of exchange are settled in money, how can money be backed up by those same bills of exchange?
Same way our SS trust fund is backed up…
Do these free billers even acknowledge the unfeasibility of fractional reserve banking? Even if they do, they clearly don’t understand why it is inherently inflationary and doomed to fail.
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