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06 July, 2011

Our Next Monetary System and the End of Freedom

And the Band Played On: Our next Monetary System and the End of Freedom: "Our current monetary system is destined to collapse, and the citizens of the United States won't get to choose what their next monetary system will look like. This new monetary system, which will be imposed on the people of the U.S., is likely to be a totalitarian system that results from acute shortages of essential resources. There are a couple of unconventional things that we as citizens can and must do to keep ourselves free from the entanglements of this new monetary system.

First of all, the arithmetic behind the collapse of our current monetary system is simple. $14 trillion in on-balance-sheet federal government debt, coupled with over $70 trillion in off-balance-sheet federal government liabilities and obligations, with nothing on the asset side of the government balance sheet other than a paper currency that has no tangible assets behind it and which is nothing more than an empty promise of future payment. There is no way for the federal government to come up with the full value of the $84 trillion that it will need to meet its financial obligations. It is as simple as that. The federal government will be forced to default -- explicitly or through the hyperinflation of its currency -- and either way leads to the destruction of the U.S. dollar and the collapse of our existing monetary system..."

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1 comment:

  1. That's awfully complex. I wonder if the dollar disappears, will there be any government to do all the things in that article?

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