Detlev Schlichter explains why our current paper money system will collapse

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Jan 202012
 

This Adam Smith Lecture debunks several important myths.
Firstly that our current paper money system is the norm. Its not, its exceptional, and has only been around since Nixon took the dollar off the gold standard in 1971, since then the entire world has been on an elastic ever expanding paper money system and this has never happened before.

Secondly, we dont need to have an elastic fiat paper system in order to expand the economy.

Thirdly, fractional banking creates boom and bust cycles and this cannot be avoided or managed by the state except to make matters worse i.e. by artificially propping up the inevitable and delaying and increasing the size of the bust. He makes an interesting point that fractional banking will cause this whether its on a gold standard or not, although the pure paper system is far better at creating even bigger booms and busts.

Fourthly he makes it clear that this is not a crisis of capitalism and explains that this is not capitalism at all. Its a rigged system disguised as capitalism which has stolen the control of money from those that own and need it ,i.e. the people and given it to the banksters and politicians.

His grim conclusion, after explaining that all paper money systems either end voluntarily or end in disaster, is that it will end in the latter which doesnt surprise me at all given the power the politicians , generals and bankers appear to have over us all. Depressing but I’d rather understand why we’re doomed than be ignorant so I invite you to watch and find out more.

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