Chapter 67 - Quotes about Money System Collapse

Christine Desan

"The 'catastrophe' that followed Rome's withdrawal from Britain registered in the collapse of material exchange among inhabitants. Indeed, according to Simon EsmondeCleary, England was more completely devastated than other territories precisely because its economy was so intimately intertwined with the Roman fiscal machinery. [670] For the next two centuries, coin virtually ceased to function as money in Britain." [671] [673]

Robert H. Hamphill, Atlanta Federal Reserve Bank

"We are completely dependant on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system.... It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."

Laurance Kotlikoff, Federal Reserve Bank of St Louis 2006

"...the United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century." [Laurance Kotlikoff, Federal Reserve Bank of St Louis "Review", July/Aug 2006]

Barton Biggs

"At least once in every century there has been an episode of great wealth destruction. History suggests that the rich almost always are too complacent, because they cherish the illusion that when things start to go bad, they will have time to extricate themselves and their wealth. It never works that way. Events move much faster than anyone expects, and the barbarians are on top of you before you can escape." [672]

James Rickards 2015

"Well, here comes a snowflake, it disturbs a few other snowflakes, that spreads, it starts to shoot, it starts to slide, it gets momentum, it comes loose and the whole mountain comes down and buries the village.

Who do you blame? Do you blame the snowflake or do you blame the unstable pack of snow?

The same goes for the collapse of the monetary system. It's the instability of the financial system as a whole. So, when I think about the risks, I don't focus so much on the snowflake, it could be a lot of things that trigger the event. It could be a failure to deliver physical gold because gold's getting scarce. It could be a Lehman type of collapse of a financial firm or another MF Global. It could be a prominent suicide. It could be a natural disaster." [674]

[670] Esmonde Cleary, Ending: 138-61.

[671] See supra TAN . In fact, the traces of money use that remained may have depended on organized taxing-and-spending. See Abdy, "After Patching," 84-86; cf Williams, "Coinage in Conversion-Period England," 159-60.

[672] Barton Biggs. "Wealth, War & Wisdom"

[673] Making Money: Coin, Currency, and the Coming of Capitalism by Christine Desan