That same Constitution that told us what real money was. It is not that there were people not doing well back then. But the taxes were nothing compared to today and the same issues and much worse exist. It is understandable. Poverty and hunger is not a fun thing. Yet it exists here with massive payouts in many ways. So the taxes keep rising in incremental ways. And the issues do not go away.
The Founding Fathers anticipated the inevitable societal changes and designed a democracy wherein succeeding electorates decide their contemporary concerns by electing representative who legislate according to those priorities.
Yes it does. But to subvert it a fiat currency had to installed and it was pushed through by very powerful globalists. Legalized loan sharks who take a cut from every federal reserve note.
I realize Fiat Currency is a popular buzzword, but both the founders and Lincoln gop financed wars with fiat currency
So did the Romans and the practice played a major role in their decline. The fact that mistakes were made in the past doesn’t justify making the same ones in the present.
Well I agree, sort of. But the problem has nothing to do with "fiat currency" and the buzzword of today. We paid our unsecured debts we ran up in wars. The gold standard was responsible for turning a recession into a decade long global depression that was only cured with "fiat money." The problem is leaders willing to vote for crap and tax cuts regardless of budget deficits.
You seem to be forgetting the effects of our dropping Bretton Woods in the early 1970’s and why that agreement existed in the first place. After it was gone the dollar was no longer tied to ANYTHING and since much of the world uses the dollar as their reserve currency guess what their currencies are tied to?
We’re doing the same thing with the dollar that the Romans did to the denarius and for the same reasons (removing spending restraint on the state), the Romans devalued their currency so badly that even the state stopped accepting it for tax payments.
I wasn't forgetting. Bretton Woods and the gold standard caused an outflow of gold
Stop right there, what was the root cause of the net outflow of gold that caused Nixon to abandon Bretton Woods? the oil crisis is irrelevant since it took place after Nixons action.
Second question, how would you explain the rising popularity of crypto for transactions? I ask because it’s directly related to the first question.
hint: what do people do with respect to money when “the jig is up”?
Woof,woof Doggie always good to read your insights.
You're right. While the oil crisis was part of Nixon's motivation that actually predated the oil embargo. We'd reached "peak oil" in domestic production which caused us to import more, and that caused dollars (tied to gold) to go overseas.
en.wikipedia.org
And I recall it seemed like a good idea at the time. LOL. I just wanted a job that didn't involve being part of the Vietnam adventure.
en.wikipedia.org
By 1966, non-US central banks held $14 billion, while the United States had only $13.2 billion in gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings.
[7]
By 1971, the
money supply had increased by 10%.
[8] In May 1971,
West Germany left the Bretton Woods system, unwilling to revalue the
Deutsche Mark.
[9] In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark.
[9] Other nations began to demand redemption of their dollars for gold.
Switzerland redeemed $50 million in July.
[9] France acquired $191 million in gold.
[9] On August 5, 1971, the
United States Congress released a report recommending
devaluation of the dollar, in an effort to protect the dollar against "foreign price-gougers".
[9] On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system.
[9] The pressure began to intensify on the United States to leave Bretton Woods.