We have been brainwashed with Keynesian misconceptions and the state theory of money for so long that our statist establishments and market participants fail to see the logic of sound money, and the threat it presents to our own currencies and economies. But there is a precedent for this foolishness from John Law, the proto-Keynesian who bankrupted France in 1720. I explain the similarities. That experience, and why it led to the destruction of Law’s livre currency illustrates our own dilemma and its likely outcome.
It’s not just a comparison between fiat currency and gold. America’s financial position is dire, more so than is generally realised. The euro is additionally threatened with extinction because of flaws in the euro system, and the UK is already in a deeper credit crisis than most commentators understand.
Just for shits & giggles, name the top looters of the system. The wealth went somewhere! Isn’t it time we demanded our hard earned wealth back?
There is one simple answer to the question: All of them are thieves equally in our corrupted government and bureaucracy.
Simply summarized: All fiat currency inevitably assumes its intrinsic value; that of paper. Rinse, wash, repeat.