Thanks to Max Keiser at MaxKeiser.com for this pair of videos chronicling the French experience with fiat money in the 1700s.
If you think that the collapse of the dollar could never happen, that we are safe from such a calamity simply because we are the United States, think again. Fiat money goes into a death spiral at some point. It can be propped and manipulated, but sooner or later it dies, as it did in 18th century France (and many other places.)
The French Revolution in many ways was a direct result of a monetary implosion. The streets of Paris flowed red after the ledgers of Paris were overwhelmed by red ink.
As Keiser sites in the below video, Napoleon in the wake of the Revolution swore that he would never resort to paper to finance his government. The gold Franc lasted until World War I.
Yes, but that was a long time ago, and in France. This is America. C’mon.
Yes, and the value of houses always rises.
Watch the videos below and see if you don’t see striking parallels to what we are witness to now. Let’s pray that good ole’ American exceptionalism kicks in soon and we get our act together.