What happened? Fiat currency happened.
Apparently both Jack Dorsey and Edward Snowden have tweeted this in the past few days.
Here is the thing: money creation is theft. That theft is measurable as increases in income disparity, and reductions in real wage growth despite huge increase in real value.
We just saw, perhaps, the largest theft in American history. What did we print? $4 trillion or something? All that money will diminish the value of all other money in existence. We call that process “inflation”, and remember inflation is a downriver symptom of theft. It is a symptom, not the disease.
I continue to believe that this is THE issue, the core issue, the thing that drives our wars, our poverty, our employment cycles, and all the hate and frustration and anger and despair that go with all of those.
And I continue believe that, while a gold standard is good, fixing the quantity of money once and NEVER TOUCHING IT AGAIN, is by far the sanest, safest and most promising remedy we have for nearly everything. Let us say only $5 trillion should be in existence. Let it never vary. Not one penny less, or one penny more.
The value of money in the bank would increase vastly faster than the best interest rates now. It would make SENSE to save, to think about tomorrow, to plan for the future. As I have said more than once the CULTURAL and social effects of inflation are subtle, but real and highly pernicious (like mask wearing, like locking people in their homes).
All of our problems have solutions. All of them. Environmental, population related, social, economic, medical: it can be palliated and in most cases eliminated. We simply have to get the leaches off our back, who are sucking our sanity and national wealth dry.
Capitalists are the good guys, at least the honest ones. It is BANKERS, and the people behind the bankers, behind our banking SYSTEM, who are the true crooks in all this.
The world could and should be vastly more prosperous and free than it is. Bad money is, in the end, the core problem in nearly all cases.