tag:blogger.com,1999:blog-7766273935038042110.post5722159751881506813..comments2023-10-17T03:30:00.824-05:00Comments on Prudence for Dummies: Not A Conspiracy Theorymushroomhttp://www.blogger.com/profile/07651027035577798096noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7766273935038042110.post-15651189467866557032015-07-14T21:20:03.048-05:002015-07-14T21:20:03.048-05:00That's true. Fiat currency seems to have made...That's true. Fiat currency seems to have made us all debtors even when we aren't personally. mushroomhttps://www.blogger.com/profile/07651027035577798096noreply@blogger.comtag:blogger.com,1999:blog-7766273935038042110.post-16035117150907712972015-07-14T17:32:56.783-05:002015-07-14T17:32:56.783-05:00I think you are right about the monetary system. ...I think you are right about the monetary system. It is fiat money, unrelated to any external and objective standard (like gold). It allows politicians to inflate their way out of debt, if defaulting is politically unattractive, and manipulate the system if it suits them.<br /><br />Greece suffers not just from the structure of the banking system, but its own internal corruption, almost universal tax avoidance, and absurd levels of borrowing and Government largesse creating debts that can never be repaid.<br /><br />Didn't' someone once say that 'the borrower is servant to the lender'.<br /><br />Greece is the poster boy for the proverb.Brendan McNeillhttps://www.blogger.com/profile/02741263914308842497noreply@blogger.com