[kitkat]

VERY INTERESTING, but BUMP for after first cup of coffee.

[WhoisAlanGreenspan?]

To me this sort of thread always inspires a quick look at "The Creature from Jekyll Island", and the question of how do we recover from this.

The FED is America's fourth try at a central bank, 1690 - 1764 Massachusetts financing the fight with Quebec with a virtual orgy of printing bills of credit resulted in price inflation in the 1750's ...

It was British Parliament who stepped in... unforeseen by the promoters of fiat money ... a miracle boom of prosperity occurred ... forced use of fiat money had compelled everyone to hoard their real money (gold coins) and use the worthless paper instead ... now that the paper was in disgrace ... prices rapidly adjusted to reality, and commerce returned to a solid footing.