The value of a nation's currency reflects its assets and prospects divided by the volume of currency in circulation.
Counterfeit currency erodes the value of 'real currency' because it comes into existence without generating corresponding value - an inflationary event diminishing the value of money already in circulation.
Quantitative easing is 'legitimate counterfeiting' because it is done by governments.
Quantitative easing is legitimate for another reason. It transfers the costs of dysfunctional economies and governments to beneficiaries.
This may be true but it brings to mind something that has always puzzled me. How can the citizens of democracies transfer responsibility for what is going on to leaders when the only interesting function of democracy involves redefining leadership so that it becomes one of individuals representing whatever voters anointed them?
In Obama's case, it is arguable that the fractious, some say dysfunctional, American political scene fairly reflects what is going on in citizens' minds.
If this is so, Obama's difficulties represent a healthy democracy, albeit a democratic population with a toxic, Hell-bent collection of ideas.
If President Obama had been able to bend this unruly lot to his vision he would have been abrogating the very idea of democracy.
Political parties who change leaders after election losses are guilty of the same shallow understanding.
Here we have it! The exact moment wherein wishful thinking and science negotiate our fatal (but not fatalism by God!) confusion.
"To some extent we're all products of genetics and the environment but I don't think that robs us of free will or understanding right and wrong."