Max Keiser Warned You : The Dollar – Worth Less Than Toilet Paper
In all of recorded history starting at AD 54 in Rome when Nero was in charge he started debasing the their coins from 94% silver to Emperor Philip the Arab who brought them down to ½ of 1% silver. No one wanted them. The scores of time fiat money has been introduced it has NOT worked even once. The currency has always ended worthless. Fiat currency is money that is not backed by anything such as gold or silver. The watering down of currency has always been a political tool. It has been the people who have suffered. Suppose you put about one inch of water in your tub and added a brilliant green dye. Good color. Looks nice. Now turn on the water and start filling the tub. That nice brilliant green (dollars) becomes lighter and lighter in color. By the time the tub is full there is almost no color at all. You will do what all those in history have done. Pull the plug. There isn’t enough green (purchasing power) to color (buy) anything. The Chinese started printing paper money to fund a war in the 11th century. Marco Polo saw what Kublai Kahn did with it. Maybe Keynes, the famous economist, read some of Marco’s comments when he said that maybe the US government should bury bottles of money in mines to make the economy grow.
Every one of these countries have tried printing their way to economic health and they all have gone broke. Argentina, Mexico,Thailand, Russia, Philippines, Hong Kong, South Korea, Indonesia, Finland, Italy, Norway. It seems that almost every country that prints its own money without having a solid backing in silver or gold goes to excessive printing when there is a financial crisis.
That includes wars and recessions. Again it has been shown if the latter were left alone the economy would recover, but politicians always interfere. The time period to go broke will vary greatly. At the end of World War I (1919) the German mark was 12 to the dollar. By 1923 it was 4.2 Trillion to the dollar. Yes, that’s a “T”. The creation of the Federal Reserve would have been considered a major mistake by the founders of the Constitution. There is no definition for a ‘dollar’. If it could be defined by a certain weight of gold or silver the Fed could not print (create) money out of thin air. Many economists already say the U.S. has passed its ability to pay off the debt. When the prudent man thinks about it it means it will eventually become worthless. Continuing to raise a country’s debt limit is terminal and a death sentence for any fiat currency. No one knows how long this will continue until the dollar becomes worthless, but it will happen. What can the thinking man do? What every smart one in the past has done. Gold has replaced all fiat money for the past 3,000 years.
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Labels: Max Keiser