New in PJ Media:
Enormous debt and skyrocketing inflation, plus a nonexistent Southern border and a host of other woes, and the system is so massively stacked and corrupt that despite his abysmal record, Old Joe Biden has a good shot at reelection. It’s no wonder that Oliver Anthony’s “Rich Men North of Richmond,” with its trenchant look at our self-serving “public servants,” struck such a chord last summer. Anthony summed it up succinctly: “Your dollar ain’t sh*t and it’s taxed to no end.” But even at this late date, it doesn’t have to be this way.
Ronald Reagan said it: “Inflation is a tax. In fact, inflation is the cruelest of taxes because poor people tend to pay it.” It melts away life savings; makes it difficult, or downright impossible, to plan for the future; and increases societal instability as it destroys jobs and livelihoods. Yet while Old Joe Biden and his henchmen treat it as a fact of life and trumpet any reduction in its rate when they’re largely responsible for it in the first place, inflation doesn’t have to exist at all. Historically, there have been numerous societies that suffered no inflation at all. Why can’t the United States be one?
The foremost historical example of monetary stability is known today as the Byzantine, or Eastern Roman Empire, although the people who actually lived in it thought they were simply Romans living in the Roman Empire. As the new book Empire of God: How the Byzantines Saved Civilization explains, the Emperor Constantine ended a long period of inflation in the empire by stopping the debasing of Roman coinage and stabilizing the money supply that the inflation and scarcity definitively came to an end. In the year 312 AD, he introduced the solidus, a gold coin that was meant to be as economically solid as its name implied. Each one weighed the same: twenty-four carats (189 milligrams), or about four and a half grams of gold per coin.
Constantine’s solidus became the cornerstone of the Roman economy. It was remarkably stable; in fact, it was one of the most stable currencies in the entire history of the world, and was one of the key reasons why the empire was able to continue for so very long (if the U.S. lasted as long as the Byzantine Empire, Old Glory would wave until the year 2899). The solidus, or nomisma, retained exactly the same weight and value for over seven hundred years, until the reign of Emperor Michael IV the Paphlagonian (1034–41), who revived the ancient practice of devaluing the currency in order to meet short-term economic goals. It was so stable for those seven centuries that it became an accepted currency even beyond the bounds of the empire itself. The nomisma was often preferred even to the local currencies, which were all too often even more debased in value.
There is more. Read the rest here.
mike says
you bring up OBiden but to talk of the Federal Reserve NONE
in 1913 Wilson and congress thought it was a good Ideal to out source the money control. With the promises of stability, full employment & security The Federal reserve has not fulfilled not one of the agreements in the charter. No one in Congress will hold them accountable. 60 years later the plan with having gold backed money was about to fail. So Nixon was convinced that dropping the gold backing. The Federal Reserve set the printing press on Automatic printing money. By the printing of money that meant that all the Money printed by the Federal reserve was being loaned to the USA then the money could have interest needing to be paid. Gong to war meant more money and more debt. The house of cards was will on it’s way. So in 1913 in order for the debt to be paid of the printing press interest. The IRS was created by the Federal Reserve. Here were are 50 years after the dropping of the gold standard the system is crashing in on self. Next the dollar will crash. And the very same people who created the Federal Reserve want a digital dollar. Why so they can monitor every penny you spend and every tax penny is collected. Fall out of line talk of anything the feds don’t like they will shut off your money. This is what’s happening in a nut shell
࿗Infidel࿘ says
On X yesterday, I theorized that this government thinks that debt is gold, & that more is better. It’s the only thing that explains their enthusiasm for pissing away ? like it’s nobody’s business
Incidentally, does anybody know when & where “Modern monetary theory” started? I read the Wiki article, but there, it was as clear as mud
Don Purciful says
How is it that we spend spend spend (our government). Printing money so fast that it does not have the buying power. We are creating debt that we have no interest in paying back. If you are into being an economist? How is it that you cannot explain How is it we are still a nation today? I despise bumbling biden and his side kick “giggles”. I despise both parties for what they are doing to our country. Just what is a guy that is retired now to do?