danw@oliven.UUCP (danw) (03/06/85)
[] >A good lesson for all the goldniks as they lead us down the path to >another Depression. It is very interesting that Ronald Reagan has >a picture of Calvin Coolidge in the White House: he is following in >the same mistakes made over 50 years ago. The present economic "boom" >is built upon a house of cards: when it collapses most of us will >be suffering. > tim sevener whuxl!orb ------------------------- As usual dead wrong and dead backwards. The world economy is truly an economic house of cards, given time it will collapse, and people will suffer. The reason we are in this pickle is NOT the goldniks. The major world powers abandoned gold to be free to finance world war I with fiat money. After the war it was easier to listen to the advice of socialist economists , who advised repudiating the war debt by washing it away in a sea of paper money.(Inflation destroys lenders, helps debtors - why do you think governments are so tolerate of inflation?) The flood of printing press money hit the economy like a dose of salts. The rapid increase in stock prices lead to expectation of further increases and rampant speculation , culminating in the `29 crash. This is simple history and has not been refuted by socialist economists. All this would have been impossible if the governments believed in "honest money" . ------------------------- ON A RELATED SUBJECT sevener where do you get these ideas? If you make them up you have a very fertile imagination, that may benefit mankind someday. If you read them somewhere please share the source with us. There is a story that the sign on the wall above the editors desk at PRAVDA says TRUTH: any statement that will advance the cause of world socialism. danw