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Boiling the fiat frog

From Rothbard’s free book, What Has Government Done to Our Money?:

Venezuela 2020. Auto sales down 19.1%, while Ford menaces Toyota’s leadership
Monday March 22, 2021

Venezuelan vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have been 1.675, down 19.1% compared to 2019. Ford grows impressively, menacing Toyota’s leadership. Economic Environment Economic conditions remain bleak in H2: Oil output in September inched up marginally from August, but remained close to June’s near 80-year low. […]

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At first, governments refused to admit that this was a permanent measure. They referred to the “suspension of specie payments,” and it was always understood that eventually, after the war or other “emergency” had ended, the government would again redeem its obligations.
When the Bank of England went off gold at the end of the eighteenth century, it continued in this state for twenty years, but always with the understanding that gold payment would be resumed after the French wars were ended.
Temporary “suspensions,” however, are primrose paths to outright repudiation. The gold standard, after all, is no spigot that can be turned on or off as government whim decrees. Either a gold-receipt is redeemable or it is not; once redemption is suspended the gold standard is itself a mockery.
Another step in the slow extinction of gold money was the establishment of the “gold bullion standard.” Under this system, the currency is no longer redeemable in coins; it can only be redeemed in large, highly valuable, gold bars. This, in effect, limits gold redemption to a handful of specialists in foreign trade. There is no longer a true gold standard, but governments can still proclaim their adherence to gold. The European “gold standards” of the 1920s were pseudo-standards of this type.
Finally, governments went “off gold” officially and completely, in a thunder of abuse against foreigners and “unpatriotic gold hoarders.” Government paper now becomes the fiat standard money.

Guadeloupe 2020. Renault keeps gaining share in market down 25.2%
Thursday March 18, 2021

Guadeloupe vehicles market falls due to the global pandemic affecting sales. Indeed, Full Year 2020 sales have been 14.366, down 25.2% compared to 2019. The leader Renault keeps gaining share and reaches 25.8%. Market Trend Guadeloupe is a French territory in the Caribbean zone. The economy is largely focused on tourism and public service. The […]

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Very worth reading for a clear, concise, if a bit dated, explanation of a major reason for America’s current economic stagnation, which is closely intertwined with – if not a direct cause of – its social and political problems.