Speaking the Unspeakable? While the article clearly lays out the inherent problems in fiat money, it also erroneously praises some of the biggest advocates for central banks, market manipulators and crony capitalism.
First and foremost, four of the world’s largest central banks have gone absolutely berserk, running the money printing presses like never before in history...What Happens If the Central Banks FAIL in Their Giant Experiment to Cure Global Economic Ills with Paper Money? The answer lies in three simultaneous disasters: The first disaster is that the money drug stops working. It runs into the law of diminishing returns — less economic growth...The second disaster is the drug’s inevitable side-effect — inflation....The third disaster is a series of deadly cancers that spread throughout the global economy: * Instead of elected leaders running the world, central bankers take the wheel. Presidents and prime ministers become little more than back-seat drivers. * Instead of a capitalist economy financed with savings, we create a debtist economy financed with paper money. * Instead of financial markets for prudent investors, we create financial markets dominated by reckless speculators.
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Money and Markets
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