Re: Income tax and employment

[has27@xxxxxxxxx (Henry Schappach)]

Fiat currency by definition is "currency backed by the full faith and
credit of the _____________ government". One may insert the name of any
country or government since fiat currency is not redeemable for gold or
silver or anything of any intrinisic value.

One of the most famous photographs of the 20th. century shows a German
peasant pushing a wheelbarrow that contains a huge mound of fiat
deutschmarks. The peasant is pushing the wheelbarrow to a bakery to
exchange the heaped amount of fiat deutschmarks for one (1) loaf of
bread. This famous photo was taken a few years after World War 1.

What happens today or tomorrow when the peoples of any country lose
faith in "the full faith and credit of any country's fiat currency?"

Idealism is wonderful and I would dearly love to embrace a philosophy
where no one goes hungry or is in want or need. But we live in a
realistic and not an idealistic world and the "full faith and credit of
any country in fiat money" can reach a point where the peoples of any
country (and those who believe in globalization) can be strained to the
point where there is no longer credibility in the fiat money of any one
or more nations.

I don't like doom and gloom scenarios but feel there is a need  to
address "realism". I do not have the ability to address the question(s)
but would like someone with much better economic credentials to do so.

Henry A. Schappach