The Gold Standard 

Modern warfare is highly destructive. A couple of centuries ago, wars involved fighting between armies; civilians were spared. Cannons were directed at the opposing army.

Today, war means general destruction; civilians on the losing side can expect to be plundered, killed or raped. Cities are targeted for mass destruction. We rode a bus through post-war Germany in 1948, and recall that the city of Bremen was simply miles of rubble piled up on either side of a road cleared for traffic.

WW II leveled some cities of Read more

I must have read fifty accounts, in the FT and others of that ilk, about what went wrong with the Euro. I have yet to read one that comes out with the plain, unvarnished truth. The whole bloody Establishment of bankers, politicians, economists and journalist whores sings the same song: “The euro came to grief because there was no fiscal union”. Therefore, the solution to be inferred is that fiscal union would remedy the case of the European Union’s imminent collapse.

Let’s face it: the euro is a fiat currency and fi Read more

The abandonment of the gold standard in 1971 is closely tied to the massive unemployment the industrialized world has suffered in recent years; Mexico, even with a lower level of industrialization than the developed countries, has also lost jobs due to the closing of industries; in recent years, the creation of new jobs in productive activities has been anemic at best.

The world’s financial press, in which leading economists and analysts publish their work, never examines the relationship between the abandonment of Read more