Fall fashions- pg 4
Fall fashions- pg 4
Historical Note: The gold standard was opposed by Populists, led by Democrat William Jennings Bryan. It was regarded as a tool of control by elites.
If we went back to the gold standard, our gold would be Chinese within a year.
We run massive trade deficits.
If we didn’t have our massive debt, the Federal Reserve could manage a fiat currency properly.
However, since we have too much debt, the Federal Reserve operates in cheap money mode too long and runs up the real estate markets so high that they must collapse since so few people who need a house just to live in can afford to buy a house.
The battle in 1896 was between McKinley’s Gold standard and a bimetallic standard (Gold and Silver).
The elites won. The constitutionally equivalent use of both Gold and Silver as money ended, as gold was formally established as the only US standard for redeeming paper money.
In case this sounds like an archaic issue: the last US President to propose that silver should be usable for redeeming paper money was shot dead in Dallas.
And so we fast forward to today. Worldwide: money is now completely divorced from reality, from either real gold or real silver.
The federal reserve note (aka ‘the dollar’) is backed by nothing except full faith and credit. Nations around the world are rejecting it as their reserve currency, and are forming multiple bilateral agreements to avoid using it.
All that ‘money’ will come home. The ESF won’t be able to soak it up: they can’t buy dollars with printed dollars. This means that some time this year or next year - who knows? - we can expect a sharp devaluation of the dollar. I’m thinking of the order of 50%.
I’m sure the Pope would say that those who oppose hyperinflation are “worshipers of money.” Or something equally meaningless.