Chronicling the global debt excess since 2005
![[Most Recent USD from www.kitco.com]](http://www.weblinks247.com/indexes/idx24_usd_en_2.gif)
EXCERPT FROM THE US CONSTITUTION, Article I, section 10: No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts....
FROM THE US TREASURY WEBSITE: "Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. The notes have no value for themselves, but for what they will buy."
A LESSON FROM HISTORY BOOKS: The past 300 years have proven that ALL fiat money experiments ended in complete devaluation. From Rome to Britain: every empire vanished into oblivion soon after it went off the gold standard. It is time to recognize the obvious: Unbacked money has never worked.
3 comments
Link:http://www.nytimes.com/interactive/2010/05/02/weekinreview/02marsh.html?ref=weekinreview.
03 May, 2010 20:48New york Times, so it MUST be true ;)
Chart is from NY Times, according to Mish's site.
03 May, 2010 20:49Troy Ounce's link above takes you to the graph. The related article of the NY Times can be found here: http://www.nytimes.com/2010/05/02/weekinreview/02schwartz.html. The two concluding paragraphs of the article are in my point of view a must-read if one attempts at grasping the weight of the crisis. Basically, what is said, is this: The crisis goes on but we do not even know how or where the next problem will evolve let alone what remedies we could apply... And it is definitely not confined to Greece or, indeed, the other European countries referred to by the (in my view pretentiously pejorative) abbreviation "PIIGS".
04 May, 2010 11:20Post a Comment