2008-11-24ft.com

The lesson that must be learnt from this disaster is that “free market” capitalism under a fiat money regime does not produce the same blessings (sustainable prosperity) that are produced by true free market capitalism within a monetary system anchored by gold. When President Nixon severed the link between the dollar and gold, he changed the nature of the Anglo-American economic model and ultimately destroyed it.

Ah, we can remember (not so fondly) a year or two ago when common-sense points like this were considered "crackpottery". I guess desperation works wonders for shifting the zeitgeist.



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