"We are warned against sharing in her sins and in her punishment;—against being found, when the end comes, mere children of this world and of its great cities; with tastes, opinions, habits, such as are found in its cities; with a heart dependent on human society, and a reason moulded by it;—against finding ourselves at the last day, before our Judge, with all the low feelings, principles, and aims which the world encourages; with our thoughts wandering, wandering after vanities; with thoughts which rise no higher than the consideration of our own comforts, or our gains; an admiration of the splendour and the fashions of the world, an affectation of refinement, an habitual self-esteem, and an utter ignorance of the number and the heinousness of the sins which lie against us."
John Henry Newman, The City of Antichrist
"It would be no sin if statesmen learned enough of history to realize that no system which implies control of society by privilege seekers has ever ended in any other way than collapse."
William Dodd, US Ambassador to Germany, 1933
"I was in Moscow doing business when the rouble was dying after the collapse of the Soviet Empire [and with the collapse of that political force, the failure of the state dictated exchange rates for their currency]. It made a lasting impression."
Jesse 2010
A value-dictated, purely fiat, currency exists through force and fraud. As the fraud grows thin and obvious, the greater and more pervasive the force must become. If imports are needed, wars of aggression will follow to extend and maintain the 'sphere of influence', a euphemism for control. When force finally falters, the currency collapses. A value-dictated, purely fiat currency is not an innovation— it is among the oldest forms of tyranny.
MMT is the Scientology of economics.
Stocks failed in their rally attempt. Tomorrow is another day.
Gold and silver managed to find their footing. They'll need to hang in there.
Non-Farm Payrolls on Friday.
Have a pleasant evening.
