Cindy Adams Fails Economics 101
In Cindy Adams‘ column this weekend, she rails against our increasingly credit-based society (or something like that. Frankly, we never understand what she’s writing.)
Not only is it confusing, she also includes contains a glaring error. Adams writes, “Reach into your bag and pull out dollar bills — printed by the Feds, backed by gold — and salespeople shrink in horror.”
Forty years ago maybe, but our cash hasn’t been backed by gold since 1971 when we went off the gold
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