Evil Is The Root of All Fiat Money
The comments below are an edited and abridged synopsis of an article by Egon von Greyerz
“So you think that money is the root of all evil. Have you ever asked what is the root of all money?” wrote Ayn Rand.
Money used to be a stable medium of exchange and a store of value, but that was when there were sound monetary principles, mostly backed by gold or silver.
Since 1913, and especially since 1971, there has been no discipline and no morals when it comes to issuing money, as unlimited amounts of fake fiat money are printed at will.
In today’s fiat money world, there is only one answer to Rand’s question “What is the root of all money,” namely: Evil is the root of all fiat money.
The meeting of bankers and politicians on Jekyll Island in November 1910 laid the foundations for the Federal Reserve Bank. Three years later, in 1913, the Fed was founded.
From that moment on, private bankers were running the US monetary system including the printing of money. But the British pound, backed by gold until 1931, was the global currency of choice until then.
Up for discussion: Currency systems are ephemeral; ninety years of deficits in the US; a US dollar fall of 98% so far, with another 100% to go; US deficits are growing exponentially; Covid—yet another variant with Omicron; consequences; a perfect recipe for disaster; and many of the best things in life are free.