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A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.
At the age of 20 I bought a used Fiat 127. This was the only one I could afford!
Thus, the use of fiat money is more justifiable in financing a depression than in financing a war.
It is obviously no secret that I earn a lot of money. But it is also no secret that I give most of it away. I don't live a luxurious life. I drive a small second-hand Fiat. I don't have to worry about money, which is itself a privilege. But I never had any anxiety that I would lose my identity.
I mostly drive around in a Fiat 500 TwinAir, and that's a pretty small car!
Our fiat currency is under increasing stress with our large and growing trade deficits. We have a federal deficit that is calculated in the trillions when we take into account the net present value of the future Social Security and Medicaid obligations we are creating today.
Our markets have not achieved their great successes as a result of government fiat, but rather through efforts of competing interests working to meet the demands of investors and to fulfill the promises posed by advancing technology.
I mean, what Fiat had it was not very big, it was something like forty or fifty million dollars, but it's enough to get revolving credit, to get starting away again, the buying of new machinery.
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