2008-11-17 — csmonitor.com
Weimar Germany experienced one of the greatest inflations in modern history in 1922 and 1923. Eventually, the official exchange rate reached 4.2 trillion marks per dollar. Some Germans heated their homes by burning cash, since it was cheaper than buying wood. The inflation finally was tamed by government bonds promising repayment in gold, backed by land taxes also payable in gold.
Amazing hearing yet another voice join the chorus -- before hyperinflation even really hits us.
source article |
permalink |
discuss |
subscribe by:
|
RSS |
email 
Comments:
DigDoug at 09:49 2008-11-18 said:
The scariest thought is that a site as popular as this can even consider pushing nonsense like a gold standard. Any currency based on a finite resource was valid back in the dark ages...perhaps cave dwellers could use such a system. This global society is too complex for a finite resource based currency system, we need a FIAT system, we simply need more transparency into how the system works and then audits to make sure it is working. Dare we even dream of some algorithms to tell us exactly how currency rates will be determined. PermalinkPC LOAD LETTER at 16:09 2008-11-18 said:
They're talking about a international gold standard. Paper dollars, Euros, etc. would still be around for national use, but payments between countries and large international banks would be done with gold only. This could work but everyone would have to agree to do it with gold only, hence the calls for a new Bretton Woods agreement. PermalinkAaron at 00:40 2008-11-19 said:
The scariest thought is that a site as popular as this can even consider pushing nonsense like a gold standard. Any currency based on a finite resource was valid back in the dark ages...perhaps cave dwellers could use such a system. This global society is too complex for a finite resource based currency system, we need a FIAT system, we simply need more transparency into how the system works and then audits to make sure it is working.Maybe your comments are nonsense, Doug. A finite resource (i.e. scarcity, concrete value) might be just what we need. What, you trust politicians and bankers to set, regulate, and protect the value of money even more than concrete physical reality? You think the sheer complexity of the financial system is a good thing? You think humans are even capable of reliably basing value upon it? You think we were all "cave dwellers" before 1971? Nonsense. Protectors and apologists for the failing (failed) fiat money regime are now getting shrill, as calls for a gold standard (or SOME hard money standard) are ringing out at increasingly high levels. There may be no other choice. And it might not be up to the West to decide at all. Permalink
add a comment | go to forum thread
Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately.
