The only power evil has is the power to destroy itself
No fiat money has lasted for as long as a century. The US has had prior experience with fiat money -- the Civil War Greenbacks, the "Bills of Credit" of the original American colonies, the ill-fated Continentals during the Civil War. None of these have survived, and neither will the Federal Reserve notes that we now refer to as "dollars."
I dislike falling back on the morality argument, but consider this. I may work a lifetime for five million dollars. Yet some academic working for the Federal Reserve can press some keys on a computer and create ten billion dollars instantly without working up a sweat. Is the ten billion dollars he creates moral money? Did anyone work for the money? Did anyone take a risk for the money? Did anyone drop a bead of sweat for it? No, then I claim it is immoral and actually evil money, and as such it is doomed. The only power evil has is the power to destroy itself. I affirm that the Federal Reserve note is doomed. When the Federal Reserve note goes down the drain, all fiat money in the world will go down with it. Today information travels around the world with the speed of NOW. People around the planet will see that fiat money is a fantasy and a counterfeit fraud foisted upon them by unconscionable and unscrupulous bankers. It is then that the crowd will turn to gold, in much the way that people turned to gold back in 1978 to 1980.
Richard Russell
PS I'am not here yet. if the market forces are left alone i think we will witness deflation. There is too much of everything in the world, too much supply! Too many factories, to many worker's too many product. In this kind of world you would expect prices to go down, some players would close shop and the demand supply equation would rebalance at a cheaper price. But governments in the world don't want to hear about factories closing, they want to win the next election! We have a fight that could end as the great Richard Russell says with Gold as the only currency standing alone. But as i said at the moment we have a fight going on.
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