http://www.gold-eagle.com/editorials_08/greyerz071709.html

Thought I'd get the link in before I forgot to do it as I tend to do.

Note particulary the chart which shows how goverment went into debt for war but then the gold standard's discipline forced them to get back on track. By 1971 the country was in horrible shape and had a whole heap of pain coming to it to correct the imbalances from the previously sound period of the 1940's. Oh, it felt good on the way to the 1970's but the piper had to be paid and the country just said the heck with it.

Granted this is an arithmetic rather than a log scale chart (I hate arithmetic charts as they deliberately exaggerate the situation...it makes a point but it is a lie) but this is so obviously beyond fixing. Compare where the U.S. is now to the great depression after the correction imposed by the World War I spending spree. That's right there is no comparison. What should have been a horrible rescession/depression from the early 70's to about 2000 was turned into a bonanza of money printing and we never felt anything but good.

It's time to unwind a fifty year worldwide drinking binge (since every nation's currency was tied, not necessarily pegged but tied nonetheless, to the dollar and they devalued their currencies to to some extent to match) and the hangover will, quite frankly, destroy the world to the point that people will be thankful IMO to just die.

Remember, that the people of the great depression were a relatively polite and cooperative people. Not so the thankless ones of this generation. They've never had a truly bad day and have been trained by years of watching television to react with violence when anything disturbs their peace and they're armed to the teeth.

P.