If a currency can't be converted on demand into the underlying commodity, it's not "backed" by that commodity.
Labor and WagesU.S. EconomyOther Schools of Thought
Robert Reich isn't interested in economics. His pronouncements are simply clarion calls to destroy wealth and spread poverty.
Free MarketsFrom the ArchivesProtectionism and Free TradeU.S. Economy
Protectionism may provide some short-term benefits to a small number of special interests, but at much greater costs to the rest of society.
Decentralization and SecessionStrategyU.S. HistoryWorld History
Can political arrangements be dissolved peacefully? Legally? At the ballot box? By any mechanism short of outright violence and civil war?
A tariff is a tax on imports. That tax is paid by every American who buys the now-more-expensive product.
Bureaucracy and RegulationLabor and WagesLegal System
World HistoryGold StandardMoney and BankingOther Schools of Thought
Media and CultureWorld History
Markets and trade offer far more benefit for ordinary people than participation in the state's wars.
U.S. HistoryWorld History
Money and BanksMoney and Banking
Even with falling interest rates and high liquidity, there have been spectacular bankruptcies, so imagine what can happen when rates rise.