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Politics : A Hard Look At Donald Trump
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To: grusum who wrote (1450)4/9/2016 12:08:31 PM
From: Joe Btfsplk1 Recommendation

Recommended By
Ben Smith

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a good fiat currency

A lot of bright minds have been arguing about that for a long, long time. My suspicion is that time is arguing in favor of the position articulated by von Mises; good money has to be based on those commodities proven historically.

Friedman and Schwartz concocted a plan that made our fiat currency work pretty damn well for a generation. The internal flaws were slowly discovered and exploited by the mysteries of Mr. Market -- to eventual discomfiture of impressive magnitude.

My gut says another big lesson is in the works. Once again, most victims will have little or no understanding of what went wrong, probably be subject to more cycles of imposed error.

Someday, maybe, a more perfect currency will be discovered through competition. That too, will involve spectacular failures, though more localized and self-correcting -- if the master's snouts can be kept out of the trough.

Meanwhile, I'd anticipate more interesting times.
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