Without Sound Money, Markets FailBlogs, Future of Money — By admin on December 16, 2009 at 1:30 PM
“Nobel Economics Laureate F.A. Hayek summed up the enigma of money succinctly:
“Money, the very “coin” of ordinary interaction, is [hence] of all things the least understood and—perhaps with sex—the object of greatest unreasoning fantasy; and like sex it simultaneously fascinates, puzzles and repels.”
John Maynard Keynes was right about money before he was wrong when he explained the consequences of the money enigma:
“There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
One need go no further to understand the current economic distress spreading around the world. The process of debauching the world’s currencies began 37 years ago when President Nixon severed the dollar’s last remaining links to gold. The economic-crisis point we are at today is the culmination of this failed experiment in bureaucratically managed, floating fiat currencies.” Read more.