“Not worth a continental,” is a saying that arose in the late 18th century after America’s first try with fiat currency resulted in failure. Fiat currency is money that a government has declared to be legal tender, but is not backed by a physical commodity.

After the continental’s failure, we had 180 years of stable money affixed to gold and silver by the Constitution. In 1971, the currency changed to a fiat and, by 1980, 20 percent interest rates were common.

Paul Volcker, chairman of the Federal Reserve during the presidential terms of Jimmy Carter and Ronald Reagan, became the most hated man in Washington for giving hard medicine by raising interest rates and restoring confidence to our fiat currency.

Then David Stockman, director of the Office of Management and Budget under Reagan, gave us Reaganomics and trickle-down economics.

Both are old men today, but they, along with Ron Paul and Jim Rickards, warn about a devastating collapse of the financial system and our currency system.

As a world, we are going where no man has gone before, and everyone knows we do not want to go there.

All good Ponzi schemes must come to an end sometime, especially when human demographics and math dictate the closure.

Bruce Clark

Clinton

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