Another important and informative video/podcast from Gordon T. Long includes John Rubino. This one deals with the implications of unsound money. Mr. Rubino explores how unsound money leads to inflation, lower economic efficiency and corruption. Government becomes corrupted first and then infects the rest of society.
The key points in this must watch presentation are the following:
- Normal economic growth in the US stopped almost thirty years ago.
- Claimed growth since then has been fictitious, resulting from government accounting and statistical manipulations.
- There is no way out of the hole that government over-spending and over-promising has put us in.
- Government is increasing the distortions and lies to attempt to keep the fraud going.
The fraud of dishonest money leads to economic inefficiencies which leads to government lies regarding the actual performance of the economy. Both lead to the moral decay of society. A few observations of Ludwig von Mises regarding sound money are in order:
- It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights.
- The excellence of the gold standard is to be seen in the fact that it makes the monetary unit’s purchasing power independent of the arbitrary and vacillating policies of governments, political parties, and pressure groups.
- Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.
The US economy is a shell of itself as a result of the monetary chicanery that government has used to fool the people. The ending will be either in a crack-up boom or in a depression. Either ultimately produces another Great Depression.
Watch this presentation for an understanding of how government is distorting the data, why this must occur and where this leads: