Eventually all fiat money becomes worthless. We’re pretty close now. Wait till you see the chaos when our unit of measure is no longer a store of value or a medium of exchange. Time to get the personal protection ready for the inevitable.
I think if we make the US dollar an asset-based currency again, it will be not just based on gold, but also silver, platinum, palladium, copper and nickel—the most common metals found in coins and bullion blocks used in asset-based monetary trading.
Greenspan seems to assume we’d move to a post-1913 system, with the fed printing paper that is backed by reserves, and all the reserves are held by the Fed.
In my mind, that was the start of the problem. And the point at which the federal government lost all legitimacy was when it ordered all banks to surrender their reserves to the Fed.
And I see no advantage to backing half-way out of our current system.
We’ve been off the gold standard for some 40 years. It was a bad decision, but could it be returned without a shock to the economy?
Not real economists.
Return to hard money would be great, but it is not going to happen; the illuminati would lose all their power over the government, and the source of their wealth.
What is going to happen is that they will inflate the present fiat currencies out of existance, and attempt to install a global fiat currency.
If people are truly stupid, they will get away with it. That will be the end of all personal liberty.
And James Grant was on CSPAN Q & A with a new book on "The Life and Times of the House Speaker Thomas Reed"
Author of the Reed Rules of the House which did away with the "disappearing Quorem" or sometimes called the Filibuster in the House.
Allowed the legislatures to pass more Bills and spend more Money....and he was a Republican!
bttt
My belief is that the world will eventually end up on some sort inverse carbon dioxide standard.
The issue could be forced rather easily if we actually had just one Free and Independent State in the Union. Just start following the Constitution and refuse to accept “anything but Gold and Silver Coin, a Tender in payment of debt”. Seems to me a State run Clearing house to exchange Federal Reserve Credits into Legal Tender would be all that is needed along with STRICT ENFORCEMENT in requiring that All Persons Be Paid in Legal Tender at FACE VALUE. Now instead of earning say $1500 per week in Federal Reserve Credits you only earn $50, and since the Federal Government requires Federal Reserve Credits for Taxes you pay the their 25% in Federal Reserve Credits which equals $12.50 , 40 cents in silver.