Robert Shiller cites gold standard example

The United $tates has conned its investors like China once before, when it went off the gold standard. The people loaning the United $tates money lost 75% of the value of their investments according to Yale economics professor Robert Shiller.(1)

Today, Obama, Bernanke and Geithner opposed the formation of a substitute for the dollar.(2) The Anglo world of Australia backed them against the growing global call for a stop to U.$. dollar parasitism.

Former Fed Chair Paul Volcker also says he’d never he thought he’d see the day the banking system would be “government-dependent.”
His take was slightly different as he said that without a plan prioritizing the fight against inflation “all these dollars will come tumbling down on us.”(1)

Note:
1. http://blogs.wsj.com/economics/2009/03/24/volcker-china-chose-to-buy-dollars/
2. http://www.reuters.com/article/GCA-BarackObama/idUSTRE52O0AQ20090325

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