Interesting quote in the church bulletin this morning
ChangeInHistory
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Not sure what this was doing in the bulletin, but thought it was interesting.
The Original Currency
Labor was the first price, the original purchase-money that was paid for all things.
It was not gold or silver, but by labor, that all wealth of the world was originally purchased
....good thing for us it didn't stay that way!
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<< <i>I also remember some old saying about what the first "profession" was.
Maybe that's in next week's bulletin!
<< <i>
<< <i>I also remember some old saying about what the first "profession" was.
Maybe that's in next week's bulletin! >>
Here's next week's bulletin:
peacockcoins
<< <i>Not sure what this was doing in the bulletin, but thought it was interesting.
The Original Currency
Labor was the first price, the original purchase-money that was paid for all things.
It was not gold or silver, but by labor, that all wealth of the world was originally purchased
....good thing for us it didn't stay that way! >>
For all intensive purposes, it is that way today.
US Dollars are borrowed into existence. A Dollar has value simply because, for every Dollar out there, somebody needs that Dollar to pay off a debt. So in a round-about way, the US Dollar is backed by labor. Just look at all the things the Government does to prevent the general wage levels from rising (outsourcing, immigration, etc). They do this because weaker labor equals a stronger dollar, and these forces for a stronger dollar are needed to offset the forces that weaken the dollar (budget deficits, debt write-offs, debt monetization, etc).