What about an eminate currency reset?

Karen Hudes, a wold bank whistle blower, talks about the tons of stored gold with agreements after WW2, then switching to fiat currency. The world gold belonging to the populace needs to be released now to back the new currency. The fed is bankrupt but that announcement will be made after the election. I heard of a people in Africa have started using the cell phone to transfer money to each other for goods and services costing a fraction of a penny each time. Please give us your take on this possibility. - KPFK listener

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  • Sam Levey
    commented 2016-07-17 23:49:29 -0400
    The Fed is not bankrupt. The Fed can’t be bankrupt, because the Fed is where dollars come from, so it can never run out. Plus, the Fed earns interest on the assets on its balance sheet every year. This amounts to around $100 billion every year, of which it gives 95% or so back to the US Treasury.
  • cynthia sandness
    published this page in Ask Prof. Wolff 2016-07-17 17:27:00 -0400