The history of fiat money failures



Watch the whole 30-minute video at http://www.goldmoney.com/parks-interview. Lawrence Parks, of FAME, and James Turk, Director of the GoldMoney Foundation, talk about the coming collapse of our monetary system and the lack of political will to resist the temptation to over issue paper money. They talk about fiat money inflation in France during the Revolution and mention "Fiat Money Inflation in France" by Andrew Dickson White, which Lawrence gave to Trichet, Paulson and others. They explain how that historic episode ended in disaster and what is ahead for the American economy. They explain how every fiat currency ha ended being worth less than the paper it was printed on and how the temptation for politicians is just too strong to resist when they are handed a printing press. They also comment on the impossibility of centrally planning the money supply and how the illusion that central bankers are in control is mere propaganda, the reality is that they improvise and react to events or to political pressures, as they themselves publicly admit (after they've left their posts).

Comments

  1. First country to issue PAPER money was China
  2. @dogbarker1981 - They may not have had gold, but they had Land, workforce, that backed the dollar. Like today. Add Infrastructure.
  3. I don't think people have factored in the problem with not having enough money to meet the demands of the population. The real problem is not what backs the money...but who controls the quantity. Also back in the late 1700s gold was fiat. See currency act of 1764 and Stamp Act of 1765. The American Colonies had no gold to begin with and the British banksters wrecked the colonial economy by forcing them to pay taxes in gold.


Additional Information:

Visibility: 4868

Duration: 2m 59s

Rating: 26