Restating this for economies and global currencies, one might say:
When the truth is found to be lies,
Confidence in currency dies.
WHAT LIES? Really? There have been so many. Here are a few examples specific to the United States (the lies in other countries are probably similar):
Lyndon Johnson: In 1965, after decades of excessive government expenditures which caused rising consumer price inflation and rising gold and silver prices, Johnson removed silver from U.S. coins. He stated,
“If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content.”
He lied. One hundred dollars purchased 77 ounces of silver in 1965. A decade later $100 purchased 24 ounces of silver. Four decades later $100 purchased 13 ounces of silver. In 2025 $100 will probably purchase less than one ounce of silver.
Richard Nixon, the gold window, and Watergate: In 1971 President Nixon “temporarily” rescinded the agreement to convert US dollars submitted by foreign governments for gold. He stated,
“Let me lay to rest the bugaboo of what is called devaluation… But if you are among the overwhelming majority of Americans who buy American-made products in America, your dollar will be worth just as much tomorrow as it is today. The effect of this action, in other words, will be to stabilize the dollar.”
“I had no prior knowledge of the Watergate operation.I took no part in, nor was I aware of, any subsequent efforts that may have been made to cover up Watergate.”
He lied regarding both topics. One thousand dollars purchased 24 ounces of gold in 1971. A decade later $1,000 purchased 2.2 ounces of gold. Four decades later $1,000 purchased 0.6 ounces of gold. In 2025 $1,000 will probably purchase about 0.1 ounces of gold.
Devaluing currencies are normal for our debt based fiat currency financial system. But, when leaders, especially Presidents, are caught in lies, the populace is more inclined to “wake up” and see the reality of corporate and banking control over government policies. Those lies weakened the narrative that the government is run by the people, for the people, and is beneficial to the people. A loss of confidence in leaders leads to a loss of confidence in the country, its institutions, and accelerates the decline of the currency.
When the truth is found to be lies,
Confidence in currency dies.
Kennedy Assassination: There were so many lies, cover-ups, and strange deaths that hundreds of books have been written on the subject.
Lyndon Johnson and the Vietnam War: He escalated the Vietnam War based on the “Gulf of Tonkin Incident,” a story that was fabricated.
Edward Kennedy’s role in Chappaquiddick: More of the same…
Bill Clinton regarding Monica Lewinsky and other infidelities: “I did not have sexual relations with that woman.” The House impeached him for perjury but the Senate did not convict. Politics as usual…
Hillary Clinton: Oh my, let’s not go there.
President Obama regarding Obamacare: “If you like your health plan you can keep it.” Clearly not true … and confidence in the Presidency has decreased, for this and many other reasons.
WHAT IS THE POINT?
Of course politicians lie to protect their re-elections, reputations, positions, assets, and cronies. If politics did not “pay” so well, we would seldom hear about politicians, their lies, and the corruption, which will continue.
Of course central bankers and Wall Street “manage” the narrative. They have $trillions to protect and they want their skim from the economy to continue. Not likely to change …
Of course politicians and central bankers will distract the populace with “free stuff” rather than adult discussion. Politicians and central bankers will not discuss massive and unpayable debts, higher taxes, decreased military spending, reduced entitlements, and pervasive corruption. One does not get elected by telling voters they will have less and their “sacred cows” must be sacrificed to benefit the military and banking interests. Expect more promises, distractions, scandals, and a higher cost of living.
But we can change our understanding of the process and our actions to protect ourselves.
If the President’s actions are largely dictated by corporate, banking, and military interests, does it really matter who is elected? Of course it matters to those on the receiving end of the money distributed by the government. Otherwise politicians and corporations would not spend $ billions to purchase the Presidency.
The US dollar has lost approximately 98% of its purchasing power since 1913, and the dollar will continue to weaken, not strengthen, following more devaluations and lies (and we will have more lies). Given the necessity of devaluation and the ongoing lies, we should expect a much weaker dollar during the next decade. Would gold, silver, diamonds, hard assets, land, and fine art be preferable to unbacked paper currencies or bonds yielding negative interest rates?
Hemmingway: “The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin.”
Our former Presidents have warned us by obviously lying about the dollar, gold, silver, health care, sexual indiscretions, unemployment, inflation, and wars. More revelations are coming …
When the truth is found to be lies, Confidence in currency dies.
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