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Quotation of the Day…

… is from page 98 of my late, great teacher Leland Yeager’s Spring 1996 Independent Review paper, “From Gold to the ECU: The International Monetary System in Retrospect“:

The root absurdity of our existing system will eventually become manifest. How long will the U.S. government, like other governments, remain able to run up debt denominated in an undefined unit and ultimately repayable in nothing more definite than pieces of paper to be printed by itself?

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