By Richard Russell
One of man’s dreams has been to get something for nothing. The alchemists were dreamers who sought to turn base metals into gold. They never succeeded. Gold is only accumulated by man’s labor. The dream of the gambler in Las Vegas is to put a coin in the slot machine and with a mere pull of the handle, hit the jackpot.
In the same way, the operators at the central banks create money out of thin air. Through acts of manipulation, they create new money. They force people to accept their new currency by fiat. Fiat currency gains its legitimacy through government threat and the muzzle of a gun. Ironically, despite government threat, no fiat currency has ever survived. In the end, reality trumps government threats. The reality is that the great trend of the economy is in a correction mode. The great leveraging and inflation since World War II hit ... Log in or subscribe to continue reading.