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To Preserve…
This illustrates Gresham’s Law of less valuable money driving out more valuable money from circulation. Gresham’s Law actually predates the Tudor England Pound Rescuer and Royal Exchange founder Gresham to Henry David MacLeod in 1857, Copernicus 40 years earlier, to Aristophenes and The Frogs in the Fifth Century BC.
http://en.wikipedia.org/wiki/Thomas_Gresham
Recently we saw inflated fiat electronic money driving copper, gold, platinum and silver out of circulation. What might be interesting is deflation defaults making dollars scarce and bringing the precious metals back on the market.
In 1721 TMC defaulted on its debts and filed for bankruptcy reorganization.
In 1723 King Louis XV gave new monopoly Franchises to TMC in coffee, tea , national lotteries and African slave, China and India trade.
TMC flourished for another generation until profligate French government spending and the French and Indian/Seven Years War took it to receivership in 1770 and full liquidation by the 1790s.
Plus ça change, plus c’est la même chose.
The more things change, the more they remain the same.
Thus we see speculative bubbles and collapses, debt for equity swaps, fad schemes, lotteries and liquidations, usury and taxes ten generations ago are nothing new in government finance.
Can Exxon Mobil take over US Treasury debts if oil or gas go to $300 or Treasury debts collapse?
http://en.wikipedia.org/wiki/Mississippi_Company
The French and Indian War, begun in 1754 on the American continent, erupted into what was described by Churchill as the first world war between the European Powers, the Seven Years War.
The First World War lasted until the 1763 Treaty of Paris.
Typically, this War led to inflation with unpaid debt defaults, as did the Woodrow Wilson Versaille Treaty of World War I 5 generations later that led to the great Weimar Republic hyperinflation of 1923 and wheelbarrow money.
http://en.wikipedia.org/wiki/French_and_Indian_War
http://en.wikipedia.org/wiki/Seven_Years_War
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February 2nd, 2010 at 4:29 am
Holy Smokes Rich….
Now that was a handful.
This article should be published in the NY Times.
Certainly we are seeing a ground swell in this country stirred by an irate citizenry.
Perhaps it is not to late to take our country back.
God have Mercy.
Keep up the good work Rich, you are a true Patriot.
Thank you. Richard
February 2nd, 2010 at 4:35 pm
Mahalo Richard:
Henry Paulson acknowledged 93% of Americans opposed TARP and he did it anyway, bailing out himself and his firm Goldman Sachs with Ben Bernanke and Timothy Geithner’s help.
No wonder the majority of Americans want a full Audit of the Fed and Treasury, including the Mints and Bullion Vaults.
If we:
A) turn off government monopoly media making heroes out of bums,
B) share the truth which sets us free,
C) help family friends and neighbors vote for Patriotic Constitutional Independents who truly serve US this Fall,
then we may in fact take our country back from bonus banksters and their government corporate welfare pimps.
The alternative is watching the Jericho Wall of debt crush our country and lives like Financial Armageddon.
Uncle Sam owes more than we own. That cannot last much longer.
We must pay down or forgive our debts with a spending freeze on deficits and earmarks and the 1% Transaction Tax on a quadrillion in voluntary transactions.
Andrew Jackson paid off the public debt in 1835. So can we…
Regards*Rich
February 4th, 2010 at 5:03 pm
Rich,
Like the website and all, but a reader needs to click 22 separate times simply to read the content of this entry. Perhaps a different format would be better?
Cheers.
February 24th, 2010 at 6:15 pm
Thanks clicks.
Took it up with the management.
Regards*Rich