Wednesday, September 3, 2014

On fiat money . . .

"Within the next twenty years, the most profound changes in all of economic history will sweep the globe. The economic chaos and turbulence we are now experiencing are merely the opening salvos in what will prove to be a long, disruptive period of adjustment. Our choices now are to either evolve a new economic model that is compatible with limited physical resources, or to risk a catastrophic failure of our monetary system, and with it the basis for civilization as we know it today."

"When we started our exponential monetary system, initiated by the Bank of England around 1700 but kicked into high gear in 1971 with the international abandonment of gold settlement, nobody ever thought that the day would come when we’d find our ball park filled nearly to the brim. . . ."

"We are leaving a legacy of debt to our children, born and unborn. Just as the direct printing of money favored by Wiemar Germany in the 1920s destroyed German’s purchasing power, so, too, does America’s debt accumulation promise to ruin our economy. . . ."

"Your job, your savings, your investments, and your future prospects and standard of living depend on the continuation of an unsustainable system now drawing to a close. You owe it to yourself to get ahead of the immense changes that are coming like water roiling up the steps towards the bleacher seat to which you are chained."


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