Published Articles
The Failure of Fiat Currency Is Not New
As far back as the 1200′s in the time of Genghis Khan, paper money failed.
“Population and trade had greatly increased, but the emissions of paper notes were suffered to largely outrun both, and the inevitable consequence was depreciation. All the beneficial effects of a currency which is allowed to expand with a growth of population and trade were now turned into those evil effects that flow from a currency emitted in excess of such growth. These effects were not slow to develop themselves. Excessive and too rapid augmentation of the currency, resulted in the entire subversion of the old order of society. The best families in the empire were ruined, a new set of men came into the control of public affairs, and the country became the scene of internecine warfare and confusion.” Del Mar
This text is describing how in 1287 inflation began
to destroy the Mongol empire. The second Mongol issue continued falling in value until about 1310.
Then a third issue replaced that dead one, duplicating the 5 – 1 ratio with which the second had replaced the first. After that, things rapidly went down hill.
Fiat currencies fail.
When things begin to fail, they can quickly move from bad to worse.
Source: www.galmarley.com
