Graphic description of what can happen in a fiat money system. I liked the following quote:
"Before long, the debtor class became a powerful body extending through all ranks of society. . . all pressed vigorously for new issues of paper. . . apparently able to demonstrate to the people that in new issues of paper lay the only chance for national prosperity. . . [While] every issue of paper money made matters worse, a superstition gained ground among the people at large that, if only enough paper money were issued and were more cunningly handled, the poor would be made rich. Henceforth, all opposition was futile."
Only thing I missed in the article was how money was decoupled from the land it was supposedly backed by in the beginning. That tie seemed reasonable and should have held new issue of money in check.
Our comment:
Graphic description of what can happen in a fiat money system. I liked the following quote:
"Before long, the debtor class became a powerful body extending through all ranks of society. . . all pressed vigorously for new issues of paper. . . apparently able to demonstrate to the people that in new issues of paper lay the only chance for national prosperity. . . [While] every issue of paper money made matters worse, a superstition gained ground among the people at large that, if only enough paper money were issued and were more cunningly handled, the poor would be made rich. Henceforth, all opposition was futile."
Only thing I missed in the article was how money was decoupled from the land it was supposedly backed by in the beginning. That tie seemed reasonable and should have held new issue of money in check.