Quotation of the Day…

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… is from page five of my late, great teacher Leland Yeager’s 2015 paper “The Continuing Search for a Monetary Constitution,” which is Chapter 1 of Renewing the Search for a Monetary Constitution (Lawrence H. White, Viktor J. Vanberg, and Ekkehard A. Köhler, eds., 2015):

On reflection, it must seem absurd that our unit for expressing prices, wages, debts, profit, and loss has a value no more objective and stable than the purchasing power of the scruffy fiat dollar bill. It is absurd that the U.S. government can borrow trillions of dollars payable in money that the Federal Reserve can simply create, if need be, in unlimited amounts.

DBx: Amen.