Desperate Acts to Retain the Paper Monetary System
By: Christopher Funston
GoldSeek.com
Sunday, 21 September 2014
ECONOMIC WINTER
Introduction
Within the current global economic environment, central bankers – of the world’s developed economies and those of emerging markets alike – remain obsessed with the struggle to incorporate monetary policies which will engender renewed gross domestic product (GDP) growth in their respective economies. These central bankers have been led by the example of the U.S. Federal Reserve, whose implementation of a multi-year quantitative easing program, i.e. the $4.5 trillion (U.S.) purchase of U.S Treasurys and mortgage-backed securities, has been coupled with the maintenance of historically low administered interest rates; such as the present 0% – 0.25% range for the Federal Funds Rate. Complicating the global GDP growth challenge has been the persistent increase in the debt levels of many sovereign credits, once again led by the United States, whose national debt level now exceeds $16.8 trillion (U.S.) – that’s $16,800,000,000,000 (U.S.). Within the context of the above, it behooves us to visit a few historic examples of paper money systems which, while well-marketed, met with an inglorious fate.
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