I began writing what I thought would be a report. Toward the final
chapters in Adam Smith’s Wealth of Nations, he wrote about Public Debt
asking why anyone considered it to be quality since all governments
defaulted on their debts and never paid them off. I assumed the list
wasn’t that long, since everyone knew about the defaults of Spain,
France, and England. The more I began to investigate since Smith merely made that statement with no reference to such defaults, the more I was left in a state of devastating shock. When it comes to research, those that know me understand that I leave no stone unturned. I allow the research to carry me along a journey of exploration. I never PRESUME anything and try to LEARN myself to round out my knowledge.
It is almost finished. I am publishing for the first time the Table of Contents. There just seems to be such profound conviction that everyone will flee to gold, gold will save the world, and there is always an alternative for capital to flee. The emails from the Goldbugs just refuse to understand that there is also DEFLATION. Here is the latest:
“You assume two things here, sadly both are wrong. You assume firstly that the US dollar will always be more stable than (for example) the yuan, the Brazilian Real, the Euro. A dangerous and flawed assumption, one perhaps made by a dying Roman empire, and the British Empire too. Nope, always something new out there to step in. Your other assumption, even more flawed, and currently being proven wrong as I type the world over, is that capital will flee to another fiat. Nope, much of it will flee to (or try to flee to) solid physical gold. Because that is what the world has always done. ‘Giant’ money is already there, the US’s strategic enemies are already there, and adding gold reserves every month, rather than soaking up the ever-growing flow of US dollar debts.”
Read more: http://armstrongeconomics.com/693-2/2012-2/where-do-empires-go-to-die-and-when-they-do-die-how-do-empires-die/
France, and England. The more I began to investigate since Smith merely made that statement with no reference to such defaults, the more I was left in a state of devastating shock. When it comes to research, those that know me understand that I leave no stone unturned. I allow the research to carry me along a journey of exploration. I never PRESUME anything and try to LEARN myself to round out my knowledge.
It is almost finished. I am publishing for the first time the Table of Contents. There just seems to be such profound conviction that everyone will flee to gold, gold will save the world, and there is always an alternative for capital to flee. The emails from the Goldbugs just refuse to understand that there is also DEFLATION. Here is the latest:
“You assume two things here, sadly both are wrong. You assume firstly that the US dollar will always be more stable than (for example) the yuan, the Brazilian Real, the Euro. A dangerous and flawed assumption, one perhaps made by a dying Roman empire, and the British Empire too. Nope, always something new out there to step in. Your other assumption, even more flawed, and currently being proven wrong as I type the world over, is that capital will flee to another fiat. Nope, much of it will flee to (or try to flee to) solid physical gold. Because that is what the world has always done. ‘Giant’ money is already there, the US’s strategic enemies are already there, and adding gold reserves every month, rather than soaking up the ever-growing flow of US dollar debts.”
Read more: http://armstrongeconomics.com/693-2/2012-2/where-do-empires-go-to-die-and-when-they-do-die-how-do-empires-die/
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