Depression, Monetary Destruction, and Seaking the Path to Sound Money
2009: declines of 2.7% for the U.S., 4.2% for the euro area and 5.4% for Japan.
What is caused by the eroding but demanding papers? What is caused by the real economy, for example the international competition and the needed but lacking reconversion? That’s the questions!
1929-1933: FDR followed up on Hoover’s attempted inflation by closing the banks and plotting an unprecedented inflation that ended in the paper money we use today. So strong was the faith in inflation that his administration even mandated turning in all gold to the government. It was a desperate move that only made matters worse.
So it is in our own time. Chronicling the actions of the Fed since the onset of the 2008 meltdown and following has been harrowing, for it reveals an amazing parade of folly. It’s as if we’ve learned nothing from the long history of inflation and hyper-inflation.
What is needed is an international monetary system – we have had none since 1971.
The speculators and therefore the masses have gold on the minds in spite of the fact that gold never secured anything in an international sound way.The speculators just want to secure their jobs as speculators, the masses echoes the media – ‘at best’ – run by the speculators.