| "Pay what you owe and you'll know what you own."
Seeking Answers in an Upside Down World.
Established - 1994
MAIL: The Editor
"A reminder why there will always will be sound money and why bitcoin cannot fill that role.
"With bitcoin’s price still rising and expected to rise even more, there has been a growing belief in cryptocurrency circles that it will replace unbacked government currencies when they eventually fail.
"The assumptions behind this conclusion are naïve,
exposing hardly any knowledge in what qualities are needed for sound
money. This article agrees that current events are accelerating the
path towards fiat destruction, and that historical precedents point to
their eventual replacement with a sounder form of money. But what that
money will be is decided when governments lose control over their fiat;
and the public, its users, through free markets will set the monetary
STARTLING NEWS DISPATCH FROM MINNEAPOLIS"George Floyd died in police custody after a corner store clerk reported he had used a fake $20 bill, a nonviolent offense so low-level that police don't usually take people to jail for it. Now, as the trial over his death continues to unfold, criminal justice reform experts and diversity specialists are hoping the case will prompt retailers—from small businesses to major chains—to reassess how they treat Black and other minority customers and how they can handle loss prevention cases more equitably. Retailers, they point out, are on the front lines of racial justice in their own stores." ~Minneapolis Star Tribune
How times change! When this country was young the penalty for passing counterfeit money was death. Now the social "experts" regard passimg counterfeit currency to be a "non-violent offense so low-level that police don't usually take people to jail" for attempting to cheat merchants with a fake $20.00 note.
In other words, it's OK to forgive stealing if the offendfing customer is thought to be among the "deserving poor."
But who, exactly, makes these legal distinctions? And is it fair?
happened to the old rule declaring we are all equal under the law?
When, for example, did the national counterfeit currency laws
become modified to state that "racial justice" should be
practiced by merchants
when they are offered a fake piece of paper
Trying to pass counterfeit bills is flat-out theft and store clerks could personally be held liable if they spot obvious counterfeit currency and fail to report it.
* * * * * * * * *
Here. . .a Trillion There."
"During 2020, the federal government provided a total of $3.2 trillion of Covid relief, starting with a mere $8.3 billion, then adding $104 billion, then adding $2.2 trillion, and finishing off the year with another $900 billion.
"We’re now three months into 2021, and the federal government has
provided yet another $1.9 trillion in Covid relief; and, the Biden
administration has just asked for $2 trillion for
Clifford Theis, economist with the
American Institute of Economic Research is reminded of the late Sen.
Everett Dirkson, a long-serving
Minority Leader of the Republicans in the U.S. Senate, famously
quoted as saying a billion here, a billion there, and soon we’re
talking real money. That was back in 1969. At the time, a billion
dollars was about one-tenth of 1 percent of GDP. And, to make it
clear to the average reader, we add that $1 billion is 1,000 million
dollars. It takes 1,000 billion
to equal $1 trillion.
Mr. Theis does a good job of explaining the immensity of the impact of continuous monetary inflation since Mr. Dirkson's "a billion here" remark of more more than a half century ago: A TRILLION HERE...A TRILLION THERE
Franklin Roosevelt overwhelmed Hoover in the 1932 election, called in
the people's gold in 1933 and promptly devalued the U.S. dollar in
terms of gold - which Americans would not be allowed to possess again
for more than forty years. Borrowing continued to rise in the
1930s and the economic depression persisted. By the time the nation got
into World War Two its annual deficit was nearly $50 billion. But
the borrowing went into overdrive when war dragged on. The federal debt
had piled up to $259 billion by 1945...122.75
percent of GDP.
were a few years in which the national government ran budget surpluses,
but the debt pile grew until it reached $995 billion in 1981. Converted into millions that's 995
thousand million. Still quite a lot
of money - - even today.
debt pile began to be measured in trillions in 1982. By 1995 the
accumulated debt was $4.9 trillion!
Politicians have chosen to
ignore the debt accumlation. The Treasury Department says it is
presently more than $28 trillion,
A Sword of Damocles
swings over our heads and something ought to be done about it. But he
main objective is to make
voters happy....and voters have no wish to cough up the thousands of
dollars per capita
pay down this towering national debt. The voting majority knows very
well the politians will never ask them to pay back the debt. They'd be
run out of office at the next election.
So - what happens? Can't the debt be declared null and void and just disappear? No - not without wrecking the lives of all those investors in the US and around the world who have invested in all those IOUs in the belief government will make good on its word to redeem them.