1CtfHj…zVrZ

It's not that hard.

Production precedes consumption. Capital precedes production. A lot of capital therefore, means everyone is going to have an enjoyable time.

I'm just saying, for someone who hates on BTC so much, he sure does his best to bolster it.

Bitcoin, summarized by my brother

Craig's lawsuit rattling strengthens BTC. Being attacks, they act as war games, or at the very least only minor conflicts, preparing BTC for worse attacks by governments in the future.

When ivory, gold and slaves left Africa in exchange for easy money, the export industry flourished. All hail the export industry. All hail full employment. Plundering is progress.

I am so confused.

7.) Inflationist interests - supporters of "abstract currency", had got the country in to the non-abstract troubles that always come from interfering with the money. Future Prime Minister of the United Kingdom George Canning criticized them in a speech.

8.) After much hardships, British politicians voted in favor of resumption. Some are recorded as having been ashamed of their initial support of the suspension. The picture Lord Grenville (former supporter) paints is ugly, and not grounds for boasting:

9.) Britain resumed gold redemption in 1821. The episode shows how the central planning of money always leads to unintended consequences. Assignats had just imploded across the straits - Britain barely managed to steer the ship away from a similar fate.

2.) It was promised, of course, to be of temporary character, with an initial time frame of a month and a half. It lasted a generation. The episode was investigated by Sumner in late 19th c, due to American inflationists praising it as a success story.

4.) A committee was formed to investigate "the high price of gold bullion" when it in fact was the paper that had depreciated. The report describes well the effects of Gresham's Law, and counters many stupid monetary fallacies still alive today.

3.) Looking at old accounts from British lords, that appears far from the truth. The suspension led to paper declining up to 20% - something deemed near unimaginable since the paper was of the Honorable Bank of England. Contracts were thrown into disorder.

6.) So you can imagine then, that when The Year Without Summer greeted Britain after Mount Tambora erupting, things were about to get worse. The Corn Laws set to work in causing hunger. A contemporary writer speaks of the "golden days of anti-Ceres".

1.) The fourth chapter of 'Money Dethroned - A Journey through Ashes', deals with the British Restriction of 1797. The Napoleonic Wars prompted the suspension of free conversion of paper money into gold, causing Britain to invite inflation.

5.) So what about the British economy? Did it happily thrive under the inflation? Henry Dunning MacLeod, who coined the term 'Gresham's Law', wrote forebodingly:

Keynesianism is the art of putting a gun on a farmer, force him to eat his own seed corn, and get a 'thank you' in return.

5.) After the State had spent this 1st issue, and as the economy "improved" due to an illusion of an abundance of money and capital, talks of a 2nd issue commenced. Only now, perhaps, did a few attentively consider what so suddenly seemed to be happening.

10.) Bertrand Barére, later known as the "Anacreon of the Guillotine" due to the eloquence with which he advocated for mass murder of dissidents, praised the "Republican commerce - a commerce of moderate profits and virtuous". Conservatives emigrated.

3.) One was Nicolas Bergasse: 'I saw them, these perverted and detestable men that ignorance and intrigue have elected in the provinces. I have heard these frenzied orators, I have seen all the evils that their stinking voices will spread on my Homeland.'

9.) Of course, the more authoritarian and revolting measures taken by the State, the less trust would the public have in its new money. Nevertheless, what had already been a bad situation to begin with, soon became much worse.

11.) Of course, no amount of death threats could force prices to stay put forever, and paper continued to fall despite The Law of the Maximum. The Criminal Tribunal at Strasbourg initiated the burning of houses of anyone found guilty of a price crime.

7.) These new signs of trouble worried the revolutionaries. It was thought that a lack of patriotism, and foreign sabotage, were causes. Faltering trust in the assignats were countered by harsher edicts, but silver rose steadily while paper depreciated.

1.) The 3rd chapter of 'Money Dethroned - A Journey through Ashes', details the rise and fall of the Assignat paper currency in Revolutionary France. Dickson White's sources prove that three generations were enough to forget the threat of hyperinflation.

6.) The wounds of inflation always have to afflict someone, in the end. This hangover caused factories in France to close, one after the other, as the owners realized that the true purchasing power of their customers decreased at an alarming rate.

8.) The public, the Church and the King, were forced to hand over gold and silver to central mints to "stimulate the economy". Ever louder whispers in previously obscure newspapers argued that only the hanging of merchants could solve the price increases.

12.) Get the book to learn more about how this paper money experiment ended. Or go to the original source to read the full account; Dickson White's work is free on http://archive.org. It is instrumental to understand how these things can go horribly wrong.

4.) The plan proceeded; jubilant revolutionaries wrote of the happiness about to return to their country. It was, after all, not a large initial paper issue, and France being now a republic, The People would surely treat the money better than past tyrants.

2.) Burdened by debt, plans were drafted by the revolutionaries to confiscate Church property and issue currency "backed" by income from this land. Conservatives published pamphlets warning of the upcoming degeneracy long before it descended on France.

I'm pleased to announce the paperback version of "Money Dethroned - A Journey through Ashes" is out.

Over 200 pages of examples on how not to manage a nation's money.

https://amazon.com/dp/B08TLFVXXZ/