This week, I decided we should lay down some foundational elements of discussion before we go any further. What would Fed News Friday be without understanding where all this money comes from or where it originated from?
If you are a fan of Murray Rothbard, you know that he loves dividing ham sandwiches and using tractors to explain the grief with bartering and currency. He also claims in The Case Against the Fed that money doesn't just appear as a medium of exchange. The government can't just close its eyes, spin around, and pick the money for a country. It develops. Today we may see that America uses paper currency, backed by debt, for purchases and though its worth amounts to nothing...the American people still exchange their hard work for it.