Monday, March 17, 2008

The Falling Dollar

I am reading the same thing as everyone else about the falling dollar. We are shipping our jobs out of the country. Real wages are falling. Can anyone explain what other than promises backs a currency? U.S currency used to be backed by silver. If you had American money, there was a tangible commodity against which it could be measured. Additionally, the citizen of any country has the duty to support the government with tax dollars. Globalisation has had the effect of draining jobs and battering the value of wages. If workers are struggling, then corporations will struggle as well. Big business and workers need each other. a monetary policy that assigns a tangible value to currency and a meaningful value to work can lift America out of its current difficulties. Hope is a powerful tonic to a sagging stock market. The collective market behavior of American workers is as important a component of economic well being as anything on Wall Street .
Workers need hope too. What will be done?
Copyright 2008 Magdeburger Joe Please click on title to this story for MSNBC link

1 comment:

t.newt said...

in the 1920-50s these bills where worth their specified amount in gold and or silver in the 1950s they where collected by the us treasury and destroyed due to the depleting gold and silver reserves to make way for the new currency that relay is only backed by the word of the government these bills are now collectors not worth on market anything but what they are printed but to a collector they are worth anywhere from 10-25 dollars depending on condition stamp and paper.