We Are Speeding Towards Economic & Social Devastation
November 18, 2012
Today 40-year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson, who is founder of The Portola Group, stated, “History says that once set in motion, fiat money schemes cannot be reversed. Tragedy and collapse are the terminal destinations.”
Below is Fitzwilson’s exclusive piece for KWN:
“Andrew Dickson White was a professor of history in the second half of the 19th century. He also convinced Ezra Cornell to create the great university which bears his name. White became the first president of Cornell. The goal was to create “an asylum for science where truth shall be taught for truth’s sake”.
White’s relevance to today’s investors is his compilation of a lecture that looked at the French experience with fiat money during the French Revolution in the waning years of the 18th century. His work was published in book form under the title of “Fiat Money Inflation In France”.
There certainly have been countless other experiments with paper-based currencies, but this episode stands out from the many other such episodes in monetary history. One of the reasons is that the French had suffered through another hyperinflation just 70 years before….