Role Reversal: The Collapse of the Dollar-Enforced Empire
A generation ago, the Berlin Wall fell and the USSR collapsed. Today, US monetary authorities are bringing down our own country.
A generation ago, the Berlin Wall fell and the USSR collapsed. Today, US monetary authorities are bringing down our own country.
Even after two years of "transitory" inflation, America's ruling classes insist that prices are falling and that all of this is temporary. We don't believe them.
The role of commercial banks in money creation is made more clear by the fact the Fed is primarily interested in creating demand deposits rather than cash. This creates a larger foundation on which commercial banks can pyramid a multiple creation of bank deposits, or "checkbook money."
The current banking crises have deep roots in US financial history. Monetary authorities have engaged in inflationary behavior for more than a hundred years.
As markets settle down after the last set of bank failures, political elites claim the crisis is behind us. But it is not over, not by a long shot.
If the dollar does lose its position as the global reserve currency, it will be catastrophic for the American economy.
Despite all of the supposed safeguards to prevent bank failures, banks still fail. Perhaps the so-called safeguards are causing much of the trouble.
While progressive lawmakers blame the current banking crisis on regulatory issues, the Fed's easy money policies have been the real problem.
A generation ago, the Berlin Wall fell and the USSR collapsed. Today, US monetary authorities are bringing down our own country.