> the only thing that requires no trust (ie, no counterparty risk) is physical gold/silver. this could apply to any commodity   first: us gold notes and us silver notes are interest-free, metals-backed, non-fiat notes that could be issued by the us treasury today. us notes are interest-free, fiat notes that could be issued by the us treasury today, they can also be metals-backed and were intended to be used as a tool for the citizens to trade. federal reserve notes are debt-based, fiat notes issued out of thin air by the privately-incorporated federal reserve 12 regional franchises and are currently bankrupting the us. all of the above are all denominated in us dollars (aka $us), which is a fucking unit.  and secondly, there are four ways currency is created in the us: 1 congressionally-approved public issues treasuries for deficit spending via the issuance of marketable us treasuries by the nyfeds primary dealers aka debt held by the public (now ~$35 t) 2 intragovernmental debt gas securities (aka unfunded liabilities) that are created/issued for currency to run public agencies (over $152 t now) and are purchased with your payroll taxes 3 the commercial tier 2 depository banking sector, it makes small loans in which only the interest remains in the banking system after the loan is paid back (the principal and repayments are destroyed when the loan is repaid) this can remain when the fed is dissolved 4 qe, this is fucking counterfeiting by the nyfed's primary dealers since 2008 via ioer (now called iorb) and we pay all sorts of interest on this, increasing every day with raising rates
United States