From Fiat to Inflation with Dr. Ron Paul
Every single fiat currency (a medium of exchange decreed by the government) in history eventually reduces to a value of zero. In the past, governments exercised direct control over the money supply and though gold and silver acted as a relatively stable store of value, the debasement of the currency by the state put inflationary pressure on the economy. The expansive Roman Empire exemplifies the consequences of government-issued and manipulated currency. Their empire experienced hyperinflation between 235 and 284 AD during the Crisis of the Third Century because the government engaged in clipping off pieces of their gold coin currency. They melted these gold clippings together and reissued them to themselves. The State stole the purchasing power of its citizens and the results were disastrous. Sure enough, the Roman empire later destroyed itself with further currency debasement in 476 AD.
Governments around the world have failed to heed the lessons of the past. They continue to exercise the same fundamental processes to this very day: from fiat to inflation. But while some government officials are more concerned with plundering, and passing on the bill to future generations, former congressman Ron Paul has stood in opposition to this very idea for over 40 years. He is the champion of sound money and fiscal responsibility.
Nowadays, central banks hold a monopoly over the issuance of paper fiat money. These central banks act as a cartel over the issuance of money which is protected by their respective government. These central banks draw money from an account with no money in it. The government that protects these cartelized banks sell bonds to the banks in exchange for fiat currency. The amount of currency in circulation increases; thus, all of the prior circulating money is devalued. This currency creation by the privileged banks steals the purchasing power from everyone. The aftermath of this insidious system of theft is the same consequences the Romans faced: inflation.
The Yuan Dynasty was the first nation to issue fiat paper currency. Their dynasty crumbled in 1368 because of massive money-printing which led inevitably to hyperinflation. In the U.S., hyperinflation brutalized the Continental dollar during the Revolutionary War. The Weimar Republic of Germany felt the devastation of hyperinflating German Marks in the 1920s. Venezuela’s currency began its hyperinflation in November 2016. Venezuela’s hyperinflation still continues.
Since 1976, Dr. Ron Paul has been telling the world of the dangers of central banking and government expansion. A student of Austrian economics, Dr. Paul sought to minimize government intervention, cut taxation, reduce government spending, minimize the national debt, and give people back their liberty. Jeff Berwick recently hosted Dr. Paul on Anarchast regarding Donald Trump’s presidency and the U.S. dollar collapse.
Ron Paul campaigned for president three times and spent over twenty years in congress. His record in voting against government spending earned him the nickname Dr. ‘No.’ Each and every year, the Federal Government snatches away more personal liberty while spending even more gigantic sums of money that it does not have. Despite the mainstream media’s attempts to censor him during his presidential election campaign, Ron Paul inspired millions of people to speak up, confront the leviathan, and take back their freedom.
Dr. Paul continues to caution the world about the forthcoming global financial crisis. Because the Federal Government will not default on its massive $22+ trillion debt, the Fed will keep printing fiat currency. Ron Paul will be speaking truth to power as the keynote speaker on the Main Stage at Anarchapulco 2020!
Come see the man who inspired millions of people to fight for their liberty.
Come see the former congressman who fought against the Fed inflating away your purchasing power.
Come see the good doctor who advocates for sound money and applied Austrian economics.
Ron Paul at Anarchapulco. The Fed can’t print this away.