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Deficits Without Tears
Read the Monday Afternoon Wrap-Up for 11/19/2012 and the Tuesday Morning Commentary for 11/20/2012
Every so often, I come across an article – in and of itself – deemed “RANTworthy.” Below is one such piece; by none other than publishing magnate Steve Forbes, whom for years has been a vocal proponent of the gold standard…
In it, he demonstrates why past societies have thrived under the gold standard – and floundered without it. In essence, government hates REAL MONEY due to constraints it imposes on spending; and thus, power.
Without such constraint, Central banks can for some time perform what is temporarily deemed “financial alchemy”; and consequently, create the illusion of “DEFICITS WITHOUT TEARS.” Of course, the operative word is temporary; as the ultimate monetary result is ALWAYS the same; i.e., FEAR…
…and HYPERINFLATION…
I could pen all sorts of background commentary on the topic, but sometimes an article says it all – single-handedly.
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2012-11-20 17:42:28
Source: http://blog.milesfranklin.com/deficits-without-tears
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