Case in point:
THE BRUTAL TRUTHS
- The slate needs to be wiped clean and a new sound monetary system introduced.
- That will require the elimination of all debt, deficits, unfunded social entitlements,
the US Dollar as Reserve currency, and the big one, the $600 trillion of derivatives.
- To eliminate these problems by default and deflation will cause a banking collapse
and untold economic pain, leading to riots and political change.
- Politicians are appointed for relatively short terms and opt for the easy solutions.
- While politicians continue to have the ability to create new money at will, they will
do so in order to prevent a melt down on their watch.
- Consequently the odds point to governments wiping the slate clean by generating
enough new money to eventually destroy their currencies.
- The new international monetary system is likely to involve precious metals. It will
have to be money that people trust and that governments cannot create at will.
This next paragraph is key, the reason I chose to make this post:
This has happened many times before, dating back nearly 900 years to the first paper money introduced in China. History is full of attempts to use paper or fiat money, all of which ended in the destruction of that money. The last century saw virtually every South American country “wipe the slate clean” and begin again with a new money. Some did it several times. The Romans faced a similar financial crisis and resorted to reducing the silver content of the Denarius, eventually by about 5%, before people refused to accept the Roman coins.
(There is much more in the linked article, naturally.)
The point I wanted to highlight, is that today's debt crisis is nothing new. It's just history repeating. There are, however, two things about this crisis which are new. One is the sheer scale of the debts that we have managed to accumulate globally this time. The other is that this time some people (in Europe) have foreseen what was going to happen, and have spent the last decades doing something about it in order to lessen the impact as the crisis finally and inevitably unfolds.
If you are smart enough to realise that this crisis is going to impact you and your loved ones so you should find out more about it and try to prepare - congratulations! Come and find out where we're going, so that you can prepare before it's too late: you're searching for "freegold". There are people standing by to help you as best they can.
It's just history repeating [but with a new twist]
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