In Xanadu did Kubla Kahn a stately pleasure dome decree with promisary notes as cash (his majesty in purple sash with cast iron guarantee).
So twice five miles of fertile ground With walls and towers were girdled round: and Alph, the river loved by bards was mortgaged full; and caverns deep were used to pay off mastercard: the mint was his, and money cheap.
But oh! that deep romantic chasm which slanted Down the green hill from this new creation, A savage place! as holy and enchanted As e'er beneath a waning moon was haunted a spectre known as vast inflation!
The selection of examples makes me suspicious: almost all are of fiat currencies which failed due to loss of confidence and were replaced by gold. Even the few discussions of paper currencies which succeeded, like the greenback, are carefully undercut. The historian Del Mar is characterized as someone who disliked the use of gold as currency, but could not avoid documenting its inevitable appearance.
This is on a site which makes money by selling gold, and has a vested interest in persuading its readers that gold is a safe hedge in a world where paper could lose its value overnight.
So I wonder if there's more deception going on here than just the biased selection of examples?
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(no subject)
Date: 2006-04-25 11:02 pm (UTC)a stately pleasure dome decree
with promisary notes as cash
(his majesty in purple sash
with cast iron guarantee).
So twice five miles of fertile ground
With walls and towers were girdled round:
and Alph, the river loved by bards
was mortgaged full; and caverns deep
were used to pay off mastercard:
the mint was his, and money cheap.
But oh! that deep romantic chasm which slanted
Down the green hill from this new creation,
A savage place! as holy and enchanted
As e'er beneath a waning moon was haunted
a spectre known as vast inflation!
(no subject)
Date: 2006-04-26 05:11 am (UTC)(no subject)
Date: 2006-04-26 10:35 am (UTC)This is on a site which makes money by selling gold, and has a vested interest in persuading its readers that gold is a safe hedge in a world where paper could lose its value overnight.
So I wonder if there's more deception going on here than just the biased selection of examples?
(no subject)
Date: 2006-04-26 11:05 am (UTC)