"...I have a dreadful confidence that existing [monetary] arrangements will not last."
James Grant
This is an excellent discussion of some of the key topics affecting global currency and the roots of the financial crisis.
It provides some background for the unfolding currency war and the evolution of the global reserve currency which is in progress today.
I think it is fair to say that very few people understand this, and yet it is having a tremendous impact on their lives, and that effect will be increasing, perhaps exponentially, over the next few years.
It is said that a shark must keep growing and moving to remain alive, and can never be at rest. It must continually devour all that it can to survive.
This is the nature of a Ponzi scheme as well, since it is founded on nothing more than a growing believe, and misplaced trust. It can ultimately tolerate no dissent, and needs continue to add converts to it, whether it be by persuasion or force.
And therefore we have the not incidental connection between a global fiat currency such as the American Dollar or the British Pound and a far reaching military-political empire. When the empire stops expanding, the currency begins its slow but inexorable decline.
This discussion is presented as a contrast to Modern Monetary Theory.
