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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