This was the phrase used to express the disgust that early Americans felt when dealing with the wreckage caused by the use of one of America's first experiments with unbacked, widely (and wildly!) printed money. It's value eventually collapsed to 1/100 of it's face value...read the link below...
Let's see..we're now printing $trillions of dollars annually with no backing..no wait! It's different this time...
http://historywired.si.edu/object.cfm?ID=437
If anyone believes that, I'll sell them the Brooklyn bridge...Shown is a picture of the overprinted and despised "Continental" currency of Colonial days, from which the phrase, "not worth a continental" was derived ...
Guess what, we're about to do this again! Whether the inflation will be as bad as back then, or only one quarter as bad, that's still very bad indeed!
4 comments:
Mark,
Nothing is different and I am trying to prepare for it. In 10 years a decent loaf of bread will be 10 dollars. There is no way around it.
old john
Hi John,
Yep, it's grim out there alright...
Regards,
Mark L.
John:
Bread of loaf for $10 in 10 years? So cheap?
Boy, aren't you an optimist.
I am not an optimist at all . Look at our choices for president. Another Obama scandal brewing here in chicago but it will be glossed over. While state senator he got a grant for one of his backers for a 100,000 botanic garden. Reporters looked for the garden, it is an empty lot. It will never see the light of day just like the Michell/Axelrod deal.
Wait until chicago politics enters the whitehouse.
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