Day 48 – ARRA Signed Into Law

February 17, 2009

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Today, President Obama signed the American Recovery and Reinvestment Act into law in Denver. The final version was 132,974 words, cost $787 billion dollars, and the amended version was passed in a matter of days. The picture above says what I think – this is going to destroy the dollar. Inflation will continue to rise and even speed up. Before you know it, you will be better off burning dollar bills to keep warm than using the dollar bills to pay for natural gas heat. It is about time to pick a better medium of exchange than fiat currency (Federal Reserve Notes) backed by the “full faith and credit of the United States Government.” Want a stable currency? 

 

The irony of the photo above is that if the government was burning money, the currency would essentially deflate. Luckily for us (not) the government is creating more money, which lowers the purchasing power of each dollar.