Nicosia On The Potomac

Joe Doakes from Como Park emails:

It happened once, when the government ran out of money in the midst of a Depression.

Could it happen again?

Good question.

On the one hand, you’d hope people would learn from history.

On the other hand, government isn’t “people” in the sense of “individuals acting in concert toward the mean of their best interests”.

And the record throughout history of “governments empaneled by waves of populist fervor on platforms involving mostly giving stuff to people” just isn’t all that good.

1 thought on “Nicosia On The Potomac

  1. In a manner of speaking, it’s already happened. The second executive order that you ought to show after this is that right after gold owners were given $20 in worthless fiat currency for their real money, the exchange rate (for foreigners) was changed to $35/ounce.

    In other words, Roosevelt massively inflated the dollar, which is exactly what Bernanke and Obama are doing right now. And Tokyo with the yen, which doesn’t give me a lot of hope for our economy, seeing that Japan is more or less 20-25 years into their recession.

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