Ex-Barclays chief 'Austrian' economist Thorsten Polleit provides a few clarifying thoughts on the hyperinflatory endgame (and democracy-crushing impact) of the fiat currency environment. Critically, Polleit notes that fiat currency tends to result in "collective corruption" in societies, and how this then leads to hyperinflation,
despite the dangers to society that hyperinflation always brings. Ring
some bells? This brief interview (with more detailed article below)
stretches from the development of the global fiat currency regimes over
the last 40 years to the increasing levels of debt that may (just as
Kyle Bass and others have noted) mark the terminal decline of the fiat
regime and the self-serving majority electing themselves into a vicious
circle. Mises noted:
Thorsten Polleit's excellent speech "What Do Bankers Know About Money And Banking" is also below:
Article Via: Zerohedge
Must watch."The masses... do not conceive any ideas, sound or unsound. They only choose between the ideologies developed by the intellectual leaders of mankind. But their choice is final and determines the course of events. If they prefer bad doctrines, nothing can prevent disaster." If these "uncommon men" become "court intellectuals," the door will be opened for effectively spreading of false theories, supporting government-friendly ideas."
Thorsten Polleit's excellent speech "What Do Bankers Know About Money And Banking" is also below:
Article Via: Zerohedge