What's the most effective way to rip-off workers?

"Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money." --Daniel Webster.

WHY did they DO that??

"Why did the founders include the following in the U.S. Constitution? -- "No State shall ... make any Thing but gold and silver Coin a Tender in Payment of Debts" --Article I, Section 10, Clause 1

Fiat ambience

Weimar times are always so sepia and brown. --Heidi Luckin on Facebook

He/she who lives by credit dies by credit:

There is no means of avoiding the final collapse of a boom brought about by credit expansion. --Ludwig von Mises, Human Action (pg 572)

A complete reversal of fortune?

"We used to pay off the mortgage and leave our kids the farm, now we mortgage the farm and leave our kids the payments." --The unknown truth-teller

The KEY economic insight - - -

"Money" obeys The Law of Supply and Demand. --L. Reichard White, Wednesday, April 20, 2011 7:50 AM

Dear Uncle --- by the way - - -

Dear Uncle Sam, why did you borrow $14.3 trillion instead of paying cash? --L. Reichard White, Tuesday, April 19, 2011 9:17 AM

By the way, what are you going to do about the estimated $65 trillion Medicare for our older folks is going to cost you? 

Where inflation ALWAYS comes from

"There is perhaps no empirical regularity among economic phenomena that is based on so much evidence for so wide a range of circumstances as the connection between substantial changes in the quantity of money and in the level of prices." ... "It follows ... that inflation is always and everwhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output."  --Milton Friedman, quoted in Judy Shelton, Money Meltdown (New York: The Free Press 1994), p. 176 & 177

What it used to be good for - - -

"Paper money eventually returns to its intrinsic value -- nothing." --Voltaire

At least when it was paper rather than computer entries -- 95% or more is now such "megabyte money" -- you could use it for heating, wall paper - - - or in the bathroom.

Always remember:

Just because it's stupid doesn't mean they won't do it. --L. Reichard White, Saturday, January 29, 2011 7:06 AM

Deadbeats?

There's always a discount on an I.O.U.  The amount depends on its
perceived likely-hood of being paid.  The dollar is, in essence, such an
I.O.U.  The perception of repayment is dropping and you can follow it
by watching the value of dollars on the market. --L. Reichard White, Tuesday, November 09, 2010 11:04 AM

Fiat money mantra

As long as you can play, you gotta keep dancing. --CNBC, Tuesday, November 09, 2010 8:05 AM