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Mark Twain said that while history may not repeat itself, it sure does rhyme. If you look back in history the Roman Empire was able to print money (actually coins) at levels that should have been ruinous for many decades. Today, the USA is able create money out of thin air in seemingly unlimited amounts without hyper-inflation. How is this possible?
No amount of esoteric economic calculation will give you the answer. The answer is amazingly simple. When you live in a corrupt unstable country, where you can’t trust your leaders, you don’t have the rule of law, and few if any institutions are stable; you look for something stable to own. In Roman times it was Roman coinage. Today it is the US dollar. If your wealth is denominated in US dollars you feel safe and secure. The dollar is a product just like any other product. It has an intrinsic emotional value in addition to its physical value (i.e. Rolls Royce vs. Chevy). As the world becomes less stable, the demand for the security of owning US dollars grows. This increased demand for the dollar is how we are able to produce more dollars. Don’t look at it as just a currency; it is a symbol of stability that people around the world crave. It is also a way to own a part of the land of opportunity. For proof of this demand, look at how many people are willing to risk their life crossing a drug lord invested desert to get in.