Why do we value wood pulp?

“We make money the old fashioned way. We print it.”

— Art Rolnick

former Chief Economist, Minneapolis Federal Reserve Bank

Brick Beau (2)

Carlos, Carlos Danger. (aka Jim Roach)

[Wood pulp is a reference to paper, which is what our ‘money’ is. Our currency is backed by nothing. Other civilizations valued gold, or silver, or diamonds or oil. We value wood pulp. Is that anything to build the wealth of a nation on? I don’t think so either. When we were a wealthy nation, our currency was backed by precious metals.]

About Iowa Life

Experiencing life in Iowa.
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