gold heading to $4300, page-47

"Fiat money is a subset of general credit money (money backed by promise to pay in goods or services controlled by the creditor). However, fiat money is a special type of credit money in which a government, often through a central bank or reserve bank, has taken the responsibility of being the major creditor backing the currency."


would you accept endless promises without anything in return. at some point unless ou can swap these promises back for goods and services, these promise will be compromised.

GWB attacked iraq on its oil for euros shift. russia and china are now talking about using other currencies to trade with. the US 'promise' is showing some cracks.