"There has never been a fiat system created in Western civilization that did not fail."
Colonial Pennsylvania's system did not fail.
"Autobiography of Benjamin Franklin"
.
"Financial History of the United States," David Rich Dewey
"The Paper Money Issued by Pennsylvania," Numismatic Society of Philadelphia
The US Greenback of the Civil War period did not fail.
"Monetary History of the United States," Charles L. Bullock
"The Civil War and Reconstruction," J.G. Randall
"Financial History of the U.S.," Studenski & H.E. Kroos
"Gold Prices and Wages Under the Greenback System," Wesley Mitchell
"Nomisma or Legal Tender," Henri Cernuschi
See also:
"The Federal Reserve Conspiracy," Eustace Mullins
"The Lost Science of Money," Stephen Zarlenga
"A Short History of Paper Money and Banking," William M. Gouge
The gold Constantine took from temples to create the coinage you refer to had its value set by law. By fiat of the ruler. Not by any notion of some "intrinsic " value because it was gold. Alexander Del Mar: "History of Monetary Systems," p.82
So, paper has not always failed and gold was valued as determined by law.
In fact, the Germans created a paper "fiat" system in the 1930s when the international banksters wouldn't lend them gold:
"The Magic of Money," Hjalmar Schacht
Germany thus recovered from the depression faster than Britain or the United States. And no, it wasn't by manufacturing armaments, although that figured in later. The Germans built housing and a great road system.
See further:
"History of Money in Ancient Countries,"
"History of Precious Metals,"
"History of Money in America,"
"The Science of Money"
Alexander Del Mar
It ain't what you know that gets you ("Paper has always failed, and it will again"), it's what you know that ain't so.
And good luck to you too. |
