Tag Archives: fiat currency

North Korea revalues currency at 100:1

Posted on December 2, 2009 by Les Jones

Washington Post – North Korea revalues currency, destroying personal savings: “I worked like a dog for two months for the winter, but the money became useless paper overnight,” a resident of Sinuiju, a city that borders China, was quoted as … Continue reading →

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Ludwig von Mises

Posted on September 20, 2009 by Les Jones

“The financial history of the last century shows a steady increase in the amount of public indebtedness. Nobody believes that the states will eternally drag the burden of these interest payments. It is obvious that sooner or later all these … Continue reading →

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Word of the Day: Gresham’s Law

Posted on July 28, 2009 by Les Jones

Wikipedia: Gresham’s law is commonly stated: “Bad money drives out good.” This law applies specifically when there are two forms of commodity money in circulation which are required by legal-tender laws to be accepted as having similar face values for … Continue reading →

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Warren Buffett on gold, and a response

Posted on April 30, 2009 by Les Jones

“It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be … Continue reading →

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Bill Fleckenstein on fiat currencies and inflation

Posted on April 13, 2009 by Les Jones

“In a social democracy with a fiat currency, all roads lead to inflation.” – Bill Fleckenstein

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