Quote:
Originally Posted by Skybird
Two quotes from the master himself:
"The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard."
"The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit. The more inflation progresses, the higher rises the national income."
L.v. Mises
"Strange times", Neal? Absolutely terrifying, I say.  Beyond "dug deep in and take cover", I have run out of advice. |
That's old hat that happened almost a century ago, for a variety of reasons, some good, some bad. More significant is Nixon's creation of the petrodollar to shore up America's economy by forcing countries to buy US dollars.
The guy that educated me on the petrodollar and what it was (I had no knowledge of this stuff in school, they don't teach it), was an ex military intelligence analyst.