How To Use unbacked In A Sentence
- It is a fiat standard, unbacked and irredeemable, which can be inflated and depreciated at will.
- If the unbacked fiat dollar and all the currencies that depend on it are such ‘leaden ducks’, then why are they not sinking?
- Today, they give the same old unbacked money a pretty facelift every few years and then go about devaluating it still further.
- Rather than facilitating the transfer of savings across the economy to wealth generating activities, when banks issue unbacked claims they are in fact setting in motion the weakening of the process of wealth formation.
- The only reason why in the past loose monetary policies seemed to grow the economy is because the pace of real savings generation was strong enough to absorb increases in unbacked consumption.
- Even if we momentarily share their obsession and even if we stick to the old texts, unbacked by any harder evidence, the accepted view does not bear much scrutiny.
- Now, since this money is unbacked by any previous production of real wealth it will set in motion an exchange of nothing for something, or a redirection of real savings from wealth generators towards the borrower of the newly created $1000.
- To recapitulate: check-kiting consists in issuing an unbacked check that the conspiring banks ‘back’ with an endless string of further unbacked checks.
- Although much of his thesis is useful for analyzing ethnicity and its consequences in Africa, Mwakikagile's book is full of unbacked, unproven assumptions.
- Unlike a 100-percent reserve system, in which banks cannot issue more in notes than they have specie in their vaults, there is no logical limit to the expansion of the unbacked paper money favored by Fathers Coughlin and Fahey.