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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 371.65-1.1%4:00 PM EST
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To: TobagoJack who wrote (51001)6/7/2009 2:14:09 PM
From: RJA_  Read Replies (1) of 217830
 
Could be describing the present day:

A Quebec historian, Gérard Filteau, wrote (my translation):


What is remarkable about the Canadian financial system [of the late 1700's] is that it inaugurates a new kind of money destined to have a great future: the cards are the first banknotes in circulation. Another remarkable fact is that the country has no asset, no monetary reserve to guarantee the value of its paper money. This money is nothing but a representative sign, which gets its value from the honesty of the government and the goodwill of the royal treasury. Such a guarantee, based solely on morality, is insufficient in that it ties the value of money to the good behaviour of a few bureaucrats, and imposes on it fluctuations that depend on the integrity of some men and the vicissitudes of politics.
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