International Currencies Increasingly Rejected in the Face of Inflation
Thursday, February 16, 2012
Currency collapse is hardly something new. Especially when that currency is backed by nothing. In G. Edward Griffin’s seminal work, The Creature From Jekyll Island, he states that once the “business of banking” by fiat began:
This led immediately to what would become an almost unbroken record from then to the present: a record of inflation, booms and busts, suspension of payments, bank failures, repudiation of currencies, and recurring spasms o economic chaos. (pg. 184)
Since this story of banking is so oft-repeated, there are also a fair number of examples of how prosperity — or at least stability and self-sufficiency — was restored afterward. In nearly every case, it came from desperate, but determined individuals who shrugged off the shackles of central banking, and either returned to the currency they used previous to government hijacking, restored pre-money barter systems, or created something entirely new.
The modern-day, planet-wide collapse of fiat currencies is providing additional real-time examples of how forsaken citizens are taking matters into their own hands. Let us look at just the two most affected: Greece and Spain.