It’s payback time.
http://www.321gold.com/editorials/russell/russell032813.html
Adam Taggert agrees:
On a long solo car trip last week, I listened to several podcasts to pass the time. One was a classic: The Invention of Money, originally released by NPR’s Planet Money team back in January of 2011. I highly recommend listening (or re-listening) to it in full.
The podcast is an effective reminder of how any currency in a monetary system is a fabricated construct. A simpler way to explain this is to say it has value simply because we believe it does.
Through the centuries – in historic cultures like that of Yap Island who used giant, immovable stone disks for commerce, to today’s United States, whose Dollar fiat currency exists primarily in digital form – “money” is able to be exchanged for goods and services because society agrees to accept it (at a certain rate of exchange).
But what happens when a society starts doubting the value of its money?…
http://www.peakprosperity.com/blog/81279/federal-reserve-ben-bernanke-devalue-dollar-inflation
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