Think we've hit bottom think again.
Here's a another good one:
http://www.youtube.com/watch?v=4n3g5lUgkWk
more about "The Ultimate American Dollar Collapse", posted with vodpod
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Think we've hit bottom think again.
Here's a another good one:
http://www.youtube.com/watch?v=4n3g5lUgkWk
Dum dedum dum duuuuuuuummmmmmmmm!
ReplyDelete“I sincerely believe … that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” — Thomas Jefferson to John Taylor, 1816.
“We are now taught to believe that legerdemain tricks upon paper can produce as solid wealth as hard labor in the earth. It is vain for common sense to urge that nothing can produce but nothing; that it is an idle dream to believe in a philosopher’s stone which is to turn everything into gold, and to redeem man from the original sentence of his Maker, ‘in the sweat of his brow shall he eat his bread.’” –Thomas Jefferson to Charles Yancey, 1816.
“The maxim of buying nothing without the money in our pockets to pay for it would make of our country one of the happiest on earth.” –Thomas Jefferson to Alexander Donald, 1787.
"All of the perplexities, confusion, and distress in America arises, not from the defects of the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation." -John Adams
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance." -James Madison
"I believe that banking institutions are more dangerous to our liberties than standing armies." -Thomas Jefferson
“You have to choose [as a voter] between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the Government. And, with due respect for these gentlemen, I advise you, as long as the Capitalist system lasts, to vote for gold.” -George Bernard Shaw
“Paper money eventually returns to its intrinsic value ---- zero.” -Voltaire
“We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.” -Daniel Webster
"Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money." -Daniel Webster
"Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice." -George Washington
The thing I find most interesting is that while our nation pretends to revere these men as visionaries and possibly some of the wisest men to walk the earth, we at the same time ignore their warnings.
Furthermore I find it presumptuous that our economists, bankers, and students of macroeconomics all presume to understand and know more than these wise men.
I for one, am going to trust the currency that is supported by men I admire and revere, and that which has throughout history been the only proven stable tender.
My grandmother tells of the days in Germany when a devalued deuchmark was of so little value that a near basket full was needed to purchase a small amount of food. And this from the memory of Greenspan visiting the Soviet Union:
ReplyDelete"I'd seen with my own eyes long lines outside jewelry stores, where customers desperate to convert rubles into goods with lasting value reportedly were being restricted to one purchase per visit"
However, I do not find our current crop of "great minds" presumptuous, only naive. To think that an indefinite debt stream will always flow was, is and always will be a ludicrous notion. Yet, it has been only too enticing. For most of the current lifetimes we have been able to create money out of thin air. And I believe the notions that fiat currency somehow address the static constraint a finite gold supply ring hollow. Not only have we found other metals (think catalytic metals) with immense intrinsic value but in a commodities based free market the rain forest would truly be a standing gold mine on several levels, not just on its current standing as raw resource readily expense for the accumulation of greater debt financing.
Many of you may think Greenspan a great hypocrite for heading the FED while voicing things like:
"under the gold standard, a free banking system stands as the protector of an economy's stability and balanced growth… The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit… In the absence of the gold standard, there is no way to protect savings from confiscation through inflation."
but I for one can sympathize with looking at a problem, trying to address it and finding out only too late that I'm in over my head. I would much rather have free market bankers and merchants as self-interested policy makers than all the idiots in office.
I wonder if we could put Paulson on the new ten dollar bills that are coming out soon... I'll just throw that out there. He's earned it.
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