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Tuesday, Sep 01st

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You are here News Editorials Bruce Enberg: Everything you need to know about economics is in a Pyramid

Bruce Enberg: Everything you need to know about economics is in a Pyramid

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PyramidsOn Tuesday we will all turn into pumpkins if the Republican controlled House doesn't pass the Senate budget bill. With this fiscal 'crisis' in mind, let's debunk the favorite talking point from the Conservatives: 'We can't afford that,' or 'we're broke.'

The reality check: the US prints its own money, unlike Greece that's dependent on the German Euro we can print our own, and as much as we need to make the economy work.

All money by definition is printed on something, even gold coins have their value stamped on them. The right-wing gold bugs are just nuts, gold has very little 'real' value. Ask the right-wingers who bought it at $825/oz under Reagan and are still waiting to see a profit.

Adjusted for inflation, gold would need to be $2400/oz today for them to just break even, and that's with zero return on their investment.

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