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The Monetary Sin of the West
Posted on 2010-04-12
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More The problem of Western currency is more topical than ever.For ten years now, the international monetary system has beenpatched up by many expedients that were intended to extend its assured life. It cannot endure very long in the present state. The following pages afford a description of its modificationsover time. They provide a diagnosis and make a prognosis possible. Some qualification is necessary, however, as regards the rate offoreseeable evolution. The art of monetary expedients has beenrefined to such a point over the last ten years that no one can predict what artificial devices can be generated by the fertile minds of experts. One thing is certain, however: while additional innovations may stave off the gradual deterioration of the system for a while, they cannot change the outcome. As far as prognostication is concerned, events can never be wrong. But unfortunately, events have already passed judgment. It is to be hoped that they will not continue to show that in the monetary field, as indeed in other fields, the same causes always bring about the same effects, and those who persist in ignoring the past are irrevocably doomed to live the same sequence of events again.
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