Welcome to Political Irish

We believe in free legal speech, fair play and good discussion. Sign up and join in!

Register Log in

Solon - The Once and Future Monetary Reforming Technocrat

ShumanTheHuman

Donator
PI Member
Joined
Dec 15, 2018
Messages
603
Likes
1,115
Location
Caves of Ice
The more that things change the more they stay the same. Has our enslavement to the monetary system really changed in any way in the last 2500 years? Were Solon's reforms just a flash in the pan, always doomed to be subverted by the forces of International finance? Am I kidding myself that a return to a Bretton-Woods type system is desirable outcome after the fall of the current fiat system?


Or were the features of Bretton-Woods advanced to the point that manipulation of currencies was not possible to the extent described prior to Solon and their reinstatement desirable? Was the reason BW's was abolished because it benefited ordinary people? Or are periods of just financial systems really chimera's? Is the natural financial order really enslavement for the masses?

An interesting feature of history at the end of the clip should have been elaborated on further - the necessity to always liquidate the liberal, moneyed classes after a revolution
 
Last edited:

bells of shandon

PI Member
Joined
Jun 13, 2019
Messages
1,626
Likes
5,201
The Bretton Woods Agreement of 1945 ,tied the issue and quantity of a Nations currency to the amount of its Gold Reserves, the Gold price being set a $35/oz.
The benefits were a stable system of World Trade and low inflation, up to 1971, when Nixon closed the Gold window because of falling US Gold stocks, caused by imbalance of trade and the Vietnam War costs.
Fiat currency since then has caused massive inflation and devaluation of currencies, with no restrictions on issue.
This is a recipe for a massive Financial Crash, with the value of fiat money out of touch with assets.
We have had a 10 year Bull Market ,but the Medicine is way overdue. Average for a Stock Market cycle is 4 years historically.
 
Top Bottom