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SNAFU
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In A Paper System, All Assets Are Backed by the Treasury Bond

- Keith Weiner -

Revolutions on tax issues, I would follow that. American revolution and the american war for southern independance.

Concerning the French, the tax issue had become so obsolete that it was more productive not to work than work before the French revolution, and all the upper class was in a system of entitlements (charges) which had brought the debt level to unsustainable level. The system was going broke, and needed to be mended to keep on paying for the entitlements, thus the crisis of 1789, which was all but an anti royal mouvements.

Not much change with today, as you may see.

Did you know the VERY FIRST vote of the French National Assembly in 1789 was to decide ... to keep on paying the debt ? Everything was done to keep those payments : debt, sale of church assets, and so on.

Totalitarian economic measures were then put in place to try to sustain the un-economic system, and all hell broke loose in the "terror".

A new currency was created, the Franc Germinal (5 grams of 900/000 silver), which became the currency of Europe except England for 100 years.

As you say, we are right back where we started. By the way, isn't this the precise definition of a revolution to go around and to come back where you started ?

Commented 4266 days ago

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Beginning of the headline :In a gold-based monetary system, every asset is ultimately backed by gold. This does not mean that every debtor (including banks) keeps the full amount of its liability in gold coin just lying around. Why would one bother to borrow if one did not need the money? It means that every asset generates a gold income and every asset could be liquidated for gold, if necessary... Read More

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