"When an American exchanges his goods or his labor for a fistful of dollars, he is essentially trusting [Treasury Secretary] Hank Paulson [and by implication Federal Reserve System Chairman Ben Bernanke] not to... manufacture so many of these things that they end up being worth no more than the paper they are printed on.... [M]oney is a matter of belief, even faith...."
-- Niall Ferguson, The Ascent of Money: A Financial History of the World
Friday, January 30, 2009
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