The worst financial reporting of all time, courtesy CTV Calgary local news
September 29, 2011 1 Comment
Take a look at this. It’s hilariously stupid. It will only take a minute of your time (seriously, the video is that short).
So apparently the US dollar is a paper currency that is good because it is backed by the Federal Reserve. And the Federal Reserve backs the US dollar with… paper currency. I guess. I cannot follow the tortured logic here. I am embarrassed on this reporter’s behalf. The whole point of fiat currency is that it isn’t backed by anything and that you can just print it if you want!
Gold not being “backed” by anything is meaningless — after all, paper currencies used to be backed by gold!
When Greenspan says something like, “World currencies are down,” he is saying they are down against something. That something is gold.
Oh hell I don’t even need to criticize this further. It’s just so unbelievably dumb. It makes me laugh. It makes me cry. I think they snatched the reporter from a hair commercial or something, because she demonstrably knows nothing about money.