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RE: Mnuchin Says Weak Dollar Is GOOD As Dollar Continues To COLLAPSE
Rupees are heavily devalued too. Both are terrible. All fiat currency eventually reverts to its intrinsic value of zero. What makes the US dollar stand out is that it's the world reserve currency which makes a crash far more volatile on a global scale.
Josh, is there any currency or anything at all that has intrinsic value? Things get value if people attribute value to it. Even Bitcoin, gold or meat (e.g. for vegetarians) have no intrinsic value, in my opinion.
The fact is, there is a maximum supply of Btc and gold out there, meat needs to be produce which is time and ressource consuming. It's more difficult to loose trust in those. Fiat currencies can be print into existence without any effort, there is no limit supply.
It is not just that unlimitless capablity to print, but rather who will get the money. I do agree that careless printing causes troubles, but I don't believe that currency needs to be hard-capped for it to retain or gain value in a long run.