Bankruptcy of our Nation
by Jerry Robinson
ISBN: 13:978-0-89221-693-2
Our nation is in deep, economic trouble. The United States is trillions of dollars in debt, and the number continues to climb. The government's response is to spend more in hopes of staving off a catastrophic collapse of our economy. Let me be clear. I am not pointing a finger at any particular party. This problem has been building over decades, and both parties have had a hand in it.
Money (I'm referring to the U.S. dollar system) is an integral part of your life. You use it every day to buy goods and pay bills, but how much do you really understand it? Are you aware that it is not backed by gold or any other commodity, meaning the dollar in your pocket has no intrinsic value whatsoever? The reality is, the dollar in your pocket is simply a piece of paper. We hear on the news that the current national debt is sitting in the neighborhood of 12 trillion dollars, but did you know that that number only represents what the federal government owes on money that is already borrowed? If you include the future promises made by the federal government to Americans for programs like Social Security, Medicare, and Medicaid, the number skyrockets in excess of 59 trillion dollars. To say this is sobering news would be an understatement.
If you are interested in a clear, easy to read lesson in the history of our nation's currency, and learn some basics in what money is, how it works, and how it directly affects you, I strongly encourage you to read this book. You do not need a degree in economics to understand this book. It is written for the "Average Joe," and I honestly found it to to be a page-turner. That may seem strange and unbelievable, but it's true. I truly feel that it is important for every American to really understand the gravity of the economic situation we currently face. Please, pick up a copy and invest the time to read it. You won't regret it.
Good stuff Julie. I haven't read this book, or even heard of it, but it sounds like the fundamental premise (if your blog even touches on the content of the book, which I suspect it does) is sound: it all goes back to the nature of the so-called "money" in our pockets. If you want more on this subject, Thomas E. Wood's Meltdown is required reading.
ReplyDeleteThanks Colin! Yes, the blog does refer directly to the book. As a matter of fact, I really struggled with the blog posting because there is SO much in the book that is critical to understand. The author explains what a fiat currency is, gives a brief history of fiat currencies all the way back to Ancient Rome(!), explains how inflation happens, etc. etc. A lot of the information was a review for me, but there was information in there (like an explanation of the petrodollar, and a clearer understanding of the Fed) that was new to me. I will definitely check into Meltdown!!
ReplyDeleteThat's excellent Julie! Yes, that all sounds really solid. I am doing original research on Rome's inflationary crisis in the third century and I can say with some confidence that the problems of inflation and the cause of it are, as Solomon said, "nothing new under the sun." I think it would be great to have the four of us in a room to talk about this subject (and just hang out as well) - it's a great one.
ReplyDeleteBut yes, I suspect you've had one of those epiphanies. Hopefully you can take some of this knowledge and spread it around, as you already have by even posting this little review. It's really critical for people to understand what is really going on with their currency and how we are currently following patterns that have been demonstrated time and time again to facilitate a dramatic boom and bust cycle with devastating economic effects.