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Looking back over the 20th century, my singular, lonely functioning brain cell asks the question:
Just as in the recent 100 years, certain crises have caused the powers that be to question the meaning of existence with respect to certain monetary regimes, does the unfolding financial crisis signal a new existential reevaluation of "what is money?"
For example:
The Panic of 1907 led to the creation of the Fed
The Depression and WWII led to Bretton Woods
Nixon's early 70's escapades (prompted by De Gaulle) led to fiat currency
BRIC/OPEC USD buy-in (by various nations at various times) led to "Bretton Woods II"
In this progression, the concept of "sound money" has been dumbed down and obfuscated. Doesn't anyone but the successors to the Bundesbank remember this concept? Are we on the "cusp of the cusp" (ca. 10 years) of the absolute bottom yet? After all, every experiment in fiat currency regimes in the history of man has failed . . .
Thoughts welcomed . . .
Just as in the recent 100 years, certain crises have caused the powers that be to question the meaning of existence with respect to certain monetary regimes, does the unfolding financial crisis signal a new existential reevaluation of "what is money?"
For example:
The Panic of 1907 led to the creation of the Fed
The Depression and WWII led to Bretton Woods
Nixon's early 70's escapades (prompted by De Gaulle) led to fiat currency
BRIC/OPEC USD buy-in (by various nations at various times) led to "Bretton Woods II"
In this progression, the concept of "sound money" has been dumbed down and obfuscated. Doesn't anyone but the successors to the Bundesbank remember this concept? Are we on the "cusp of the cusp" (ca. 10 years) of the absolute bottom yet? After all, every experiment in fiat currency regimes in the history of man has failed . . .
Thoughts welcomed . . .