Re: A Very Successful Fiat System

2008-2-24 17:26:00

Blayne wrote:

"As Larry has so succinctly pointed out. Fiat systems only appear successful for a period of time until the bills come due. Just as one who issues their own credit card with no limit and no thought of payment and builds the mansion on the hill and buys the fancy cars, etc. appears very successful for a time. However it always ends badly as history bears out."

JJ:

The Island of Guernsey has been on a successful fiat system for almost 200 years with no bills coming due. You'd think that would be a long enough time for one to take a serious look and consider that the system in play may actually work. It's like you have a religious attachment to gold and cannot consider anything else can work.