I can grow a crop or build build a house or even create a factory that build 10000 cars or a million computers ect ect ect.....ive created new wealth in the world....so the money supply representing that wealth should correspondingly increase
And also all those things as well if I just created above those things can be destroyed or they age and deteriorate and that value goes away and the money supply decrease accordingly
But all.the time this wealth is increasing and decreasing in the world....it value if tied to gold is tied to something that is static the amount of gold in the world neither increased or decreased during that entire time wealth of the world changed very dramatically
Yes, the genie would be difficult to stuff back into the bottle...having 100+yrs to fark over the Republic and steal its wealth through illegal\fiat currency.
$120T+ in unfunded liabilities (political promises) and a welfare state; both of which could NOT exist except for the Fed. Reserve and its printing press of fluff.
Perhaps one of the most important POSSIBILITIES Trump has available to him to unscrew this insane, unfair and destructive financial system. The Founding Fathers would agree! And if you knew that history, so would you. BTW, if you don’t know that history, let me know and I’ll help.
Perhaps one of the most important POSSIBILITIES Trump has available to him to unscrew this insane, unfair and destructive financial system. The Founding Fathers would agree! And if you knew that history, so would you. BTW, if you don’t know that history, let me know and I’ll help.
Good. It may have problems, but it keeps a check on fiscal insanity.
Readers of this thread may be interested in the following quotations on the subject from a Bicentennial Volume entitled, "Our Ageless Constitution." Dr. Edwin Vieira, who contributed to that volume, has written extensively on the Founders' protections for liberty through their provisions for a sound money system. A search of his books and writings provide a great resource for understanding the dangers of paper money, and the wonderful protections of the Founders' system.
Thomas Jefferson:
"Paper is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted."
". . . although the other nations of Europe have tried and trodden every path of force or folly in fruitless quest of the same object, yet we still expect to find in juggling tricks and banking dreams, that money can be made out of nothing. . . The misfortune is. . . we shall plunge ourselves in unextinguishable debt, and entail on our posterity an inheritance of external taxes, which will bring our government and people into the condition of those of England, an nation of pikes and gudgeons, the latter bred merely as food for the former."
"Stock dealers and banking companies, by the aid of a paper system [paper money] are enriching themselves to the ruin of our country, and swaying the government by their possession of the printing presses, which their wealth commands, and by other means, not always honorable to the character of our countrymen."
Then there is John Maynard Keynes observation in "The Economic Consequences of the Peace - 1920":
"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. . . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. . . . (It) does it in a manner which not one man in a million is able to diagnose. . . ." - J. M. Keyenes
Kudlow as well has wanted a return to a basket of commodities.
Placemark.