Saturday, October 10, 2009

Dollars All The Way Down

Will Grigg is... well, Will Grigg...

Since the creation of the Federal Reserve System in 1913, the dollar has lost 96 percent of its purchasing power. The fact that the dollar can be used to purchase anything of value is an abiding testimony to the power of official myths to contort the thinking process of human beings en masse.

There is nothing behind the dollar apart from the "full faith and credit" of the world's most powerful criminal syndicate -- well, that, and the willingness of oil-producing states to accept the dollar in exchange for petroleum. Cut that last lifeline, and there is nothing to impede the dollar's immediate fall into utter uselessness.

I find myself reminded of the old joke about an astrophysicist who is accosted after a public lecture by a crusty old man of decidedly pre-Copernican views of the universe.

"You seem like a very bright young fellow," the old man begins, seasoning his words with condescension he wasn't entitled to express, "but you've got it all wrong. You see, the earth is actually carried on the back of a giant turtle. That's the simple truth."

"But what supports that turtle?" inquires the astrophysicist with a mixture of amusement and annoyance."

"Why, another turtle, of course!" ripostes the old man.

"And what --" begins the increasingly irritated scholar, before being cut off.

"You're a clever fellow, but it won't work!" exclaims the old man. "It's turtles all the way down!"

Commissar Bernanke and other guardians of official monetary superstition are committed to preserving the delusion that prosperity can be sustained on the back of a currency that is backed by nothing but itself. It's dollars all the way down -- an infinite regression into worthlessness.

Pro Libertate: Have a Nice Apocalypse!

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