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| History does repeat itself.
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To me, fiat and physical will prove out to be circular. You state that currencies real value is the ability to allow an economy to be productive. Governments have a proven track record of messing with fiat currencies to the point where money is non-functional. The US seems to be headed down that path.
Physical forces accountability. When government intervention in free markets reaches a tipping point to where there is a loss of confidence, fiat loses the ability for an economy to be functional.
I see this as a long term circulatory process.
As always, time will be telling. | |
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