Failing to bring gold back, where are we heading?
GOTTERDÄMMERUNG- The Twilight of Irredeemable Debt: The Market Oracle: : Off the Gold Standard : On that fateful day all that was changed by a stroke of the pen. President Nixon embraced the woolly theory of Milton Friedman and declared the irredeemable dollar a Monad, that is, a thing that exists in and of itself. According to this theory the government has the power to create irredeemable debt ― debt that never needs to be repaid yet will not lose its value ― subject only to a “quantity rule”, e.g., it must not be increased by more than 3 percent annually. This idea is so preposterously silly that “only very learned men could have thought of it”. If the thief is thieving modestly... Failing to bring gold back , where are we heading? The short answer is: we are marching into the death-valley of collectivism. The alternative to re-introducing redeemable currency is that the debt-behemoth will force the imposition of a capital-levy type of taxation ― à la Solon, 594 B.C... It is still p...