I’ve been reviewing a number of the online offerings of Chris Martenson, whose “crash course” on contemporary economics was made known to me on a recent “Kunstlercast.” I was particularly taken by this chapter, on the extremely recent nature of the monetary system that we are now watching unravel before our amazed and fearful eyes (less than forty years old, and not likely to last another decade, if another year). Those willing to watch it should be aware that it portends the collapse of our monetary system, with nasty implications for American society as we know it (developed further in subsequent chapters. By the end, you will probably be considering some stocks of ammo and gold).
Amity Shlaes offers an extremely cogent history of FDR’s ushering in of this new monetary system in her excellent book The Forgotten Man (currently on my bedstand, and an extremely engrossing read at that). Anyone who is not endeavoring to take a crash course on these issues only has themselves to blame for their blissful ignorance. Of course, many stock portfolios are down some 50% as a result. We are on a train that it appears we cannot stop, and I’ll be damned if I know when or even how to jump off. But it’s an amazing ride, and not without some fascination at the sheer hubris and grandeur of human folly.