February 24, 2023
Debasing the Currency
Guy F Beebe
Hard to be wrong in predicting disaster, when you are the one driving us off the cliff. The issue is, if you debase your currency, as the Central Banks have? At some point, people recognize that what you are offering is worthless.
Rome fell, not because of the barbarians at the gates, but because the Emperors thought it would be smart to debase their currency. When the actual precious metal content of their coinage fell to 3%? People wouldn't accept the government's coin, inflation rose to 1000%, and nothing could get done.
Sound familiar? Well, the Central Banks have now driven the value of their own currencies to below 5% of its value back when it was tied to gold reserves...
https://www.msn.com/en-us/money/markets/central-bank-chief-said-to-warn-economic-crisis-could-break-out-at-any-moment/ar-AA17Rk6m?ocid=msedgntp&cvid=d7c46b1742c74368946c3f03e3f1c3cf&ei=504#comments
Hard to be wrong in predicting disaster, when you are the one driving us off the cliff. The issue is, if you debase your currency, as the Central Banks have? At some point, people recognize that what you are offering is worthless.
Rome fell, not because of the barbarians at the gates, but because the Emperors thought it would be smart to debase their currency. When the actual precious metal content of their coinage fell to 3%? People wouldn't accept the government's coin, inflation rose to 1000%, and nothing could get done.
Sound familiar? Well, the Central Banks have now driven the value of their own currencies to below 5% of its value back when it was tied to gold reserves...
https://www.msn.com/en-us/money/markets/central-bank-chief-said-to-warn-economic-crisis-could-break-out-at-any-moment/ar-AA17Rk6m?ocid=msedgntp&cvid=d7c46b1742c74368946c3f03e3f1c3cf&ei=504#comments
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Posted by: theowlet at February 24, 2023 09:13 PM (95++c)
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Sound familiar? Well, the Central Banks have now driven the value of their own currencies to below 5% of its value back when it was tied to gold reserves...
Posted by: Patek Philippe Replica at May 15, 2023 09:23 PM (MjvTm)
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