Lew Rockwell, in a wonderful interview with Gerald Celente, explains:
John Maynard Keynes called for a world currency. He called it the Bancor; and he said with a single world currency, all the banks and the countries could inflate, and nobody could get out of it. There would be no escape.
And, of course, we sort of see Keynes’ dream (our nightmare) coming true today. All the central banks are cooperating with The Fed; whether it’s The Bank of England, or The Bank of Japan, The European Central Bank, The Swiss Central Bank…they seem to have gone insane; although, I guess not from the standpoint of the establishment. But from the standpoint of the regular guy, they’re slitting his throat.”
So while we may not be operating with something called the Bancor, Keynes’ dream may be a de facto reality today.
It has long been my opinion that whenever central banking, and fractional-reserve monetary systems fail, they will do so on a tremendous scale.
I always liken it to Communism…which was a worldwide idea that crashed and burned on a magnificent scale. Central Banking is following in its footsteps. When the fiat disease finally gets to that terminal point, people all over the world will know what the pain feels like and seek an alternative.
Sound money will once again have its day.
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