The Phaserl


Silver and Gold in a World Where “We Owe It to Ourselves”

by Dr. Jeffrey Lewis, Silver-coin-investor:

Perhaps the greatest indicator that the end is near for a fiat currency is the return of the clarion call: “We owe it to ourselves!”. Such is the ultimate capitulation and politically unifying mantra. Once the debt ceiling is raised literally, figuratively once and for all, the great gates of fiat money velocity will be opened wide.

The Ultimate Rationalization

An entire monetary science was born from the phrase “we owe it to ourselves”. That economic growth comes from credit expansion, and not through the actual production of good and services, has become empirical fact. Along with it has come the age of broken promises to pay. And ultimately it is we who have made these promises by allowing the actions of our government. Yet all of these promises will go unfulfilled because we “owe it to ourselves”.

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1 comment to Silver and Gold in a World Where “We Owe It to Ourselves”

  • rich

    one for the professor

    Across the 19th century as the nation industrialized, these elementary republics lost power to the states, federal government and corporations. Political economic power increasingly concentrated in DC and in centralized industrial corporations. Thus the most amusing aspect of America’s anti-statists is their refusal to recognize the necessity of the growth of DC for the growth of their favored corporate conglomerate. Though pro-statists, liberals particularily, never had much difficulty with that. The great liberal Democratic moment that dominated American politics for a half-century, the New Deal, was a simple acceptance of the DC/corporate conglomerate partnership. The professor, for all his democratic empathies was a liberal, though with an understanding liberalism and democracy were never necessarily synonymous. He once imparted the New Deal wasn’t much more than “a compact between the oil companies and banks” — ho ho, lot of truth to that. And if you don’t believe that, take a read of Arthur “the eternal liberal recurrence” Schlesinger’s 1956 piece, Liberalism in America — Phew, American liberalism was always mighty thin gruel to fuel a healthy body politic.

    Which brings us to the much more interesting part of our latest DC “crisis,” the Republicans’ threat to default. Unfortunately, as it now plays out, this is simply just another aspect of the 20th century debate of the role of the state. However, this an opportunity, a “teachable moment,” on the question of money. The money question has been removed from political debate for over century, that folks is power. And if you want to understand, and you should, the last great debate on money in America, read the professor’s The Populist Moment: A Short History of the Agrarian Revolt in America, one of the great works on American history. The Populist Momentshows the last fight for control of our present money system. A fight between what remained of our yeoman farm democratic republic and the new banking system and their debt-money. The banks won. Their power soon institutionalized with the creation of the Federal Reserve in 1913. A staple of 19th century politics, questions about money in the 20th century became relegated to cranks and various conspiracy theorists. Again, that’s real power.

    In the last several decades, the bank debt-money system has changed. There is no longer as profitable correlation between the creation of debt and economic growth. Ever greater amounts of debt are not leading to greater economic growth. There are many reasons for this growing failure including; the end of the era of cheap oil, the growth in consumption debt, and fully established industrialized societies simply don’t experience, that is, they don’t need the levels of growth of an agrarian system first industrializing, such as the US did when the bank debt-money system evolved in the 19th century. Today, ever more debt and the Fed’s protection of bad debt, simply upholds a failing status quo, constraining every aspect of the system while further indenturing the majority.

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