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Old 10-07-2005, 07:32 PM
Barbara Barbara is offline
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Join Date: Jul 2005
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Default Bye, Bye Old Dollar Standard


Signals of the End of the Dollar Standard
October 5, 2005

Rob Lee is an economist who has been involved in investment markets for 30 years, the last few in nominal retirement.

I am an economist who worked for 25 years in large investment companies in South Africa. I “retired” to the UK a few years ago. For most of my career I lobbied for policies such as money supply targets and later inflation targets that were (implicitly) intended to substitute the role of gold as an independent anchor for the monetary system. I was never an advocate of any form of gold standard, unlike the current Fed Chairman, now ironically testing the fiat money system to destruction.

However, in recent years the scales have fallen from my eyes. As Voltaire said in 1729 “paper money eventually goes down to its intrinsic value – zero.” Every fiat paper currency before or since has confirmed to this prediction. A fiat paper currency that is also the global reserve currency becomes this problem writ large. A US Treasury official of old - Sam Cross - put it this way: “if you postulate a system that depends on one country always following the right policies, you will find that sooner or later no such country exists. The system is eventually going to break down”. In my view the Dollar Standard system is irretrievably breaking down, as signaled by four recent developments described below:

http://www.prudentbear.com/bearschat/bbs_read.asp?mid=322713&tid=322713&fid=1&start=1&s r=1&sb=1&snsa=A#M322713

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Taking a hard lesson from Germany, after the war, this is how it will go. Get your wheelbarrow ready, fill it with worthless paper money and transport it down to the grocery store to buy a loaf of bread.

Don't turn your back on it or someone will dump the worthless paper money and steal your wheelbarrow. :-?

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