Reader Ictator61 responds to Economic Armageddon Seen As Imminent. His response is appropriate. Hopefully something similar guides the reconstruction.
As the banking/financial system implodes, and this process will begin in Europe and not here, but we will continue to have numerous warnings. Despite all of our egregious flaws, the US will probably be the last fiat currency left standing among the G-7, but that will give us some time to try and develop a transition to a financial system that enhances instead of punishes a free people. (The best book outlining our current plight and begins the process for thinking about the challenges ahead is John Mauldin’s “Endgame,” in my opinion.)
The development of 100% reserve financial institutions, whether they are called banks or something else, will be an imperative once legal tender laws are either repealed or become defacto defunct. People will need to find a way to create and develop institutions that are financially trustworthy. A stable commodity currency(or currencies) will appear using Hayekian principles–the sooner the better–see Ron Paul’s HR 1098. Technology, or the remnants thereof, will provide burdens, opportunities, and challenges for making this new financial structure work. Lovers of liberty need to be prepared to step up and show entrepreneurial strength when this terrible day arrives.
Restoring the American Dream will be a hard, lengthy, and difficult adventure that we must undertake. To shirt this responsibility would consign our descendants a legacy of tyranny and barbarism that I for one, will fight until my last breath. The TEA Party demonstrates what self education combined with intelligent activism can achieve in returning the focus to the first principles that was this country’s bedrock foundation. Now we need to prepare a better transition than the one that President Jackson provided when he destroyed the 2nd Bank of the US. The banksters here and abroad will not go quietly or meekly into the darkness that they have done so much to create. There is a lot of work to do.
