- - - of unsound money:
Our parents were "The Greatest Generation," and they earned that title by making enormous sacrifices and investments to build us a world of abundance. My generation, "The Baby Boomers," turned out to be what the writer Kurt Andersen called "The Grasshopper Generation." We've eaten through all that abundance like hungry locusts. --Op-Ed Columnist Thomas L. Friedman, Root Canal Politics - NYTimes.com
These are just two more symptoms of unsound money. The boomers - - - and everyone in line behind us - - - are just following the incentives implicit in fiat (paper/electronic) money: Because of chronic yearly inflation caused by central bankers and politicians, this kind of "cash is trash
" and thus saving is stupid. Our parents on the other hand, behaved in accordance with the incentives implicit in real Constitutional "hard" money (gold and silver)
-- which can't be inflated.
Labels: BIG-FLOAT, deflation, economics, fiat money, government, inflation, megabyte money, state_capitalism, unintended consequences, unsound money