Polleit: The Fiasco of Fiat Money

Grand Grocery – Food Prices in 1942 / Flickr.com *

“(…) mainstream economists consider the concept of fiat money as an economically and politically desirable, acceptable, and state-of-the-art institution.”
“Fiat money is inflationary; it benefits a few at the expense of many others; it causes boom-and-bust cycles; it leads to overindebtedness; it corrupts society’s morals; and it will ultimately end in a depression on a grand scale.”  Thorsten Polleit

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Global systemic crisis : Implosive fusion of global financial assets

Image: Idea go / FreeDigitalPhotos.net *

saving private banks is of no use to solve the crisis and it is necessary that the markets (that is to say essentially the big Wall Street and City financial operators) fully assume their risks without any further guarantee from the state. Today, these two ideas are at the heart of the Euroland debate, both in public opinion and amongst the elite … and they gain ground every day. This is what causes fear on Wall Street, in the City, and amongst major private financial operators. This is the wick that has nearly burned down that will trigger the implosive fusion of global financial assets in the fourth quarter

“in November 2011 the United States will brace itself for a politico-financial “perfect storm” that will make the summer problems look like a slight sea breeze.”

“the inability of the Fed to do anything but talk and manipulate stock markets or gasoline prices in the United States, now makes any last-minute “rescue” impossible. ” LEAP/E2020 Continue reading