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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (23449)	2/12/2005 7:59:07 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 116555

While the explanation is obvious, moving from a Monetarist economy to a Capitalist economy involves disruption and adjustment to a new world. Historically, this sort of transition almost never occurs until the pain of not making the change far exceeds the pain of changing. As the move toward what would become Bretton-Woods gained momentum in the 1950s, economist Charles Rist warned of the problems which would result, which reads like our morning newspaper. Of course Rist's criticism came easily as John Law had previously introduced the Monetarist system in France in early 1700, even down to the quaint phrase of "ownership society". The Monetarist system collapsed then in ways that will mirror the collapse of our current Monetarist regime. While the major portion of John Law's Monetarist system lasted only from 1716 to 1721, it was sufficient to devastate the entire French economy, bankrupting most with any wealth apart from the Royalty and Clergy, setting the economic stage for the French Revolution some 65 years later. .