Meyrick, this is extremely well argued, thank you. I got a real chuckle at the end regarding the chances of monetary or fiscal authorities doing something useful.
I wholeheartedly agree that the absence of an alternative currency as well as the complete inadequacy of a gold standard in the current economic environments are critical to understand that things are simply going to degrade slowly over time.
Thanks Andy, yes, slow degradation, possibly with intermittent panics, may be the future path. What I failed to highlight is that all fiat currency is ultimately cleared through dollar balances, so the two are synonymous in important ways.
Meyrick, this is extremely well argued, thank you. I got a real chuckle at the end regarding the chances of monetary or fiscal authorities doing something useful.
I wholeheartedly agree that the absence of an alternative currency as well as the complete inadequacy of a gold standard in the current economic environments are critical to understand that things are simply going to degrade slowly over time.
Thanks Andy, yes, slow degradation, possibly with intermittent panics, may be the future path. What I failed to highlight is that all fiat currency is ultimately cleared through dollar balances, so the two are synonymous in important ways.