On the news tonight on zimbabwe they showed the poor bastards picking through a mound of garbage for something to eat. Flapping in the wind in this same mound of garbage and ignored by all, was a 10 milliion fiat note. It had LESS value than the garbage pile. This is where fiat always ends up, in the garbage pile. Right now the world is running from one fiat to another, not yet realizing that without credible backing, all will eventually be worthless.

It is amazing that so many love the dollar. What is the dollar backed by? The promise of the US government to tax the productive worker and pay back this debt, that's it! One more form of unsustainable debt, which will be deleveraged itself soon enough.

BK