Wednesday, March 30, 2011

Good As Gold

Here is a long but worthwhile read by Lewis E. Lehrman.

Paper (a.k.a., fiat) money, or worse still, digital zeroes and ones on a hard drive as money, is the fundamental cause of the downfall of the economies of Greece, Ireland, Portugal, already manifest.  Under the profligate monetary policy of Bernanke's Fed and Obama's "money for nothin' and chicks for free" the United States economy is on the same path already trod by the PIIGS.

Oh by the way, in addition to shackling profligate politicians in the vote buying business, a gold standard also makes it obvious that you can't borrow what hasn't already been produced and saved.

I know, I know; broken record.   

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