First of all if the quote above from Chat GTP is what people are excepting as education then God help us. That piece (no fault of JR) leaves out the most important concepts needed to provide the proper context.
To begin with, Germany abandoned the gold standard in 1914 just before WW I (I guess they knew they couldn't fund a war otherwise, eh?) so being an unbacked fiat currency was danger number 1. Germanys currency switched from being the Gold Mark to the Paper Mark (no joke).
Furthermore, did anyone catch the implication that the war reparations were being paid with German currency - which was the Paper Mark? Well, they weren't. They were paid in just about everything but. Mostly they were paid in forced German labor for the Allies, German industrial assets. The Allies also demanded confiscation of all the gold, silver and platinum held by both citizens and institutions. The point being that other than the theft of the PMs Germany was put in an impossible situation because they were losing productive capabilities so "debt servicing" became increasingly difficult. That was stupid. The "Allies" should have paid more attention to Germany's military build up rather than just taking productiv e assetys. After all, part of the reason for the reparations was to keep Germany from becoming a military force again.
That all said, to me the comparison of the US dollar and the Paper Mark is a mixed bag. Yes, paper currency was printed and it lost purchasing power, similar to the dollar, but to me the biggest difference is that Germany's economic and monetary situation was contained in that no other country really depended upon it. I think it's true that none of the other European countries had massive inflation. The dollar is different in that everyone uses it so everyone cares about its value, and there is no one able to offer an alternative except ... a "hard" backed currency, perhaps that being gold and silver. Forget about about Bitcoin and the other cryptos; they depend on a hard backed currency as well.
When Hitler invaded Greece, he knew the Jews of Salonika had gold and jewels. Of course, the Jews hid their treasures. Well, the Gestapo/SS gave the Jews a choice; "Die or tell us where the gold is."
The same will happen to all the stackers.
PS: All the Jews of Greece were shipped to camps and died anyway, whether they showed the Nazis their treasure hiding places or not.
The final straw for Germans in the Weimar Republic was when the national central bank forced Germans to use 20% of the money in their bank accounts to buy German Bonds. That led Germans to conclude that the government had lost currency control.
So, if the Fed forces us to put 20% of our IRAs or 401ks or savings in government bonds, we will know the end is nigh for the dollar.
Tudor Jones and Druck say that all roads lead to inflation, but Ackerman says that continuing to print would be the ruin of banks and financial institutions. In recent years there has been no respect for money in DC IMO and little regard for how unpleasant destructive runaway inflation is to visit on a people. Possibly, the boys in DC intend to inflate until it is a problem and then switch to fighting inflation maybe make up some "whip inflation now" buttons that we can all wear.
Anyway, I don't think that it makes sense to discuss money and inflation while ignoring government welfare benefits. Mucho money could be saved and the country would be a lot healthier if we switched to something like Singapore's health plan. See "How Singapore has World Class Healthcare at One/Third the Cost" by Flynn. We are presently spending about 20% of GDP on health care and I would argue that we are NOT healthy.
And the recently passed continuing resolution must be at lease two feet tall--maybe three! lol
My German grandmother often recounted "a wheelbarrow full of paper currency to buy bread" - if bread was available - is the truth. Apparently she made soup for 8 children from one onion or potato. Nothing was ever wasted. Since they had no gold, they had a garden.
USA 1933 the ownership of gold by citizens is declared illegal and the public is required by law to turn in all their gold money and bullion to the government. Do you believe this time that stackers and preppers will be allowed to keep their precious metals to try and save themselves and prosper? 2020 Nevada, USA where casinos are the main engine of the state's economy and largest employer, No jab, No job. To quote the late George Carlin, "You have owners, they own you,, they own everything."
It will be harder because people have learned and much less people own gold now than then. Also BRC would be much easier to confiscate. You simply catch it as it passes the exchange as it gets converted into fiat again. I don’t believe you can buy anything substantial with BTC directly( it always need to go back to fiat first) and if you could then all transactions are on the blockchain open ledger. That makes it easy for the gov to confiscate under the guise of previous proceeds of crime. Not so with gold
I've dived into history and read (in summary) that Hitler brought Germany to a high level of economic success for its people by withdrawing from the global banking system and no longer depending on it. Makes me think that is the biggest crime he could have done - relying on the German people and their own commodities. War???!!!
Chat GTP is incorrect insofar as the Nazis / Hitler being "right wing."
NAZI was the acronym for "National Socialist." They were LEFT wing. Postwar Leftists / Progressives have managed to promote the myth that the Nazis were "right wing" as a means of distancing their own ideologies from association with the Nazis.
For identical reasons, they also have managed to equate "Fascism" as a right-wing ideology, when in fact it originated in socialism (look up Mussolini's history).
Jonah Goldberg's book "Liberal Fascism" does a great job of illuminating the close associations between, and mutual admiration between American Progressives and the National Socialists and the Fascists in Italy in the years leading up to WWII.
Carolyn, Hitler's plan to have Germany be economically independent (autarky) was madness. Germany had no oil. Hitler had to invade the Soviet Union before his army was ready because inflation was getting out of control, and if he didn't invade Russia now to get the wheat and oil, he'd be thrown out of office.
Germany also couldn't feed itself. Germans were on a very low calorie diet in WWII. Hitler stole every bit of food from the occupied countries. Read how he starved the Greeks and stole all the gold from the Jews in Salonika.
FROM AI - not all good but he did increase the German economy
A complex and sensitive topic. Yes, Hitler's Nazi regime did implement policies that led to significant economic growth and recovery in Germany before World War II.
# Economic Context
When Hitler came to power in 1933, Germany was facing:
1. _Hyperinflation_: The value of the German mark had plummeted, making it difficult for people to afford basic necessities.
2. _High unemployment_: Over 6 million Germans were unemployed, leading to widespread poverty and discontent.
3. _Global economic crisis_: The Great Depression had a devastating impact on Germany's economy.
# Nazi Economic Policies
Hitler's regime implemented a range of policies to stimulate economic growth, including:
1. _Infrastructure development_: Massive investments in road construction, public transportation, and building projects created jobs and boosted economic activity.
2. _Military spending_: Increased military spending helped stimulate industrial production and created employment opportunities.
3. _Autobahn construction_: The construction of the Autobahn highway system, which began in 1933, created thousands of jobs and helped modernize Germany's transportation infrastructure.
4. _State-sponsored industries_: The Nazi regime established or supported various state-sponsored industries, such as the Volkswagen car manufacturer, to create jobs and stimulate economic growth.
# Economic Growth and Recovery
These policies led to significant economic growth and recovery in Germany, including:
1. _Reduced unemployment_: Unemployment rates plummeted, from over 6 million in 1933 to around 1 million in 1937.
2. _Increased industrial production_: Industrial production grew by over 50% between 1933 and 1937.
3. _Improved standard of living_: Many Germans experienced an improvement in their standard of living, with increased access to consumer goods and services.
However, it's essential to note that this economic growth came at a terrible cost, including:
1. _Suppression of individual freedoms_: The Nazi regime's authoritarian policies suppressed individual freedoms, opposition voices, and minority groups.
2. _Racial persecution and genocide_: The Nazi regime's policies led to the systematic persecution and genocide of six million Jews and millions of other people deemed undesirable.
3. _Aggressive militarism_: The Nazi regime's aggressive militarism and expansionist policies ultimately led to the devastation of World War II.
In conclusion, while Hitler's Nazi regime did implement policies that led to significant economic growth and recovery in Germany before World War II, it's essential to consider the broader context and the horrific costs associated with these policies.
Carolyn, TIK reads the books and studies European economic and war history in the 20th century. TIK is an economist and historian living in the UK. TIK did a three part series on the Weimar Republic economy and also Hitler's economic policies. https://www.youtube.com/watch?v=7dFgOBiwSGM&t=424s
I recommend watching the three-part Weimar series. AI has its prejudices and blind spots.
A great article! Somehow it should be available to be read by every American citizen.
You did the marks chart right - log Y axis.
You forgot to mention the murder of over 400 politicians
First of all if the quote above from Chat GTP is what people are excepting as education then God help us. That piece (no fault of JR) leaves out the most important concepts needed to provide the proper context.
To begin with, Germany abandoned the gold standard in 1914 just before WW I (I guess they knew they couldn't fund a war otherwise, eh?) so being an unbacked fiat currency was danger number 1. Germanys currency switched from being the Gold Mark to the Paper Mark (no joke).
Furthermore, did anyone catch the implication that the war reparations were being paid with German currency - which was the Paper Mark? Well, they weren't. They were paid in just about everything but. Mostly they were paid in forced German labor for the Allies, German industrial assets. The Allies also demanded confiscation of all the gold, silver and platinum held by both citizens and institutions. The point being that other than the theft of the PMs Germany was put in an impossible situation because they were losing productive capabilities so "debt servicing" became increasingly difficult. That was stupid. The "Allies" should have paid more attention to Germany's military build up rather than just taking productiv e assetys. After all, part of the reason for the reparations was to keep Germany from becoming a military force again.
That all said, to me the comparison of the US dollar and the Paper Mark is a mixed bag. Yes, paper currency was printed and it lost purchasing power, similar to the dollar, but to me the biggest difference is that Germany's economic and monetary situation was contained in that no other country really depended upon it. I think it's true that none of the other European countries had massive inflation. The dollar is different in that everyone uses it so everyone cares about its value, and there is no one able to offer an alternative except ... a "hard" backed currency, perhaps that being gold and silver. Forget about about Bitcoin and the other cryptos; they depend on a hard backed currency as well.
When Hitler invaded Greece, he knew the Jews of Salonika had gold and jewels. Of course, the Jews hid their treasures. Well, the Gestapo/SS gave the Jews a choice; "Die or tell us where the gold is."
The same will happen to all the stackers.
PS: All the Jews of Greece were shipped to camps and died anyway, whether they showed the Nazis their treasure hiding places or not.
The final straw for Germans in the Weimar Republic was when the national central bank forced Germans to use 20% of the money in their bank accounts to buy German Bonds. That led Germans to conclude that the government had lost currency control.
So, if the Fed forces us to put 20% of our IRAs or 401ks or savings in government bonds, we will know the end is nigh for the dollar.
Tudor Jones and Druck say that all roads lead to inflation, but Ackerman says that continuing to print would be the ruin of banks and financial institutions. In recent years there has been no respect for money in DC IMO and little regard for how unpleasant destructive runaway inflation is to visit on a people. Possibly, the boys in DC intend to inflate until it is a problem and then switch to fighting inflation maybe make up some "whip inflation now" buttons that we can all wear.
Anyway, I don't think that it makes sense to discuss money and inflation while ignoring government welfare benefits. Mucho money could be saved and the country would be a lot healthier if we switched to something like Singapore's health plan. See "How Singapore has World Class Healthcare at One/Third the Cost" by Flynn. We are presently spending about 20% of GDP on health care and I would argue that we are NOT healthy.
And the recently passed continuing resolution must be at lease two feet tall--maybe three! lol
My German grandmother often recounted "a wheelbarrow full of paper currency to buy bread" - if bread was available - is the truth. Apparently she made soup for 8 children from one onion or potato. Nothing was ever wasted. Since they had no gold, they had a garden.
True story. And finally one day, thieves stole the wheelbarrow because it had more use value than the worthless currency.
USA 1933 the ownership of gold by citizens is declared illegal and the public is required by law to turn in all their gold money and bullion to the government. Do you believe this time that stackers and preppers will be allowed to keep their precious metals to try and save themselves and prosper? 2020 Nevada, USA where casinos are the main engine of the state's economy and largest employer, No jab, No job. To quote the late George Carlin, "You have owners, they own you,, they own everything."
Most Americans did not turn in their gold in 1933. Only the holders of large bullion deposits had it confiscated.
It will be harder because people have learned and much less people own gold now than then. Also BRC would be much easier to confiscate. You simply catch it as it passes the exchange as it gets converted into fiat again. I don’t believe you can buy anything substantial with BTC directly( it always need to go back to fiat first) and if you could then all transactions are on the blockchain open ledger. That makes it easy for the gov to confiscate under the guise of previous proceeds of crime. Not so with gold
I've dived into history and read (in summary) that Hitler brought Germany to a high level of economic success for its people by withdrawing from the global banking system and no longer depending on it. Makes me think that is the biggest crime he could have done - relying on the German people and their own commodities. War???!!!
Chat GTP is incorrect insofar as the Nazis / Hitler being "right wing."
NAZI was the acronym for "National Socialist." They were LEFT wing. Postwar Leftists / Progressives have managed to promote the myth that the Nazis were "right wing" as a means of distancing their own ideologies from association with the Nazis.
For identical reasons, they also have managed to equate "Fascism" as a right-wing ideology, when in fact it originated in socialism (look up Mussolini's history).
Jonah Goldberg's book "Liberal Fascism" does a great job of illuminating the close associations between, and mutual admiration between American Progressives and the National Socialists and the Fascists in Italy in the years leading up to WWII.
Carolyn, Hitler's plan to have Germany be economically independent (autarky) was madness. Germany had no oil. Hitler had to invade the Soviet Union before his army was ready because inflation was getting out of control, and if he didn't invade Russia now to get the wheat and oil, he'd be thrown out of office.
Germany also couldn't feed itself. Germans were on a very low calorie diet in WWII. Hitler stole every bit of food from the occupied countries. Read how he starved the Greeks and stole all the gold from the Jews in Salonika.
FROM AI - not all good but he did increase the German economy
A complex and sensitive topic. Yes, Hitler's Nazi regime did implement policies that led to significant economic growth and recovery in Germany before World War II.
# Economic Context
When Hitler came to power in 1933, Germany was facing:
1. _Hyperinflation_: The value of the German mark had plummeted, making it difficult for people to afford basic necessities.
2. _High unemployment_: Over 6 million Germans were unemployed, leading to widespread poverty and discontent.
3. _Global economic crisis_: The Great Depression had a devastating impact on Germany's economy.
# Nazi Economic Policies
Hitler's regime implemented a range of policies to stimulate economic growth, including:
1. _Infrastructure development_: Massive investments in road construction, public transportation, and building projects created jobs and boosted economic activity.
2. _Military spending_: Increased military spending helped stimulate industrial production and created employment opportunities.
3. _Autobahn construction_: The construction of the Autobahn highway system, which began in 1933, created thousands of jobs and helped modernize Germany's transportation infrastructure.
4. _State-sponsored industries_: The Nazi regime established or supported various state-sponsored industries, such as the Volkswagen car manufacturer, to create jobs and stimulate economic growth.
# Economic Growth and Recovery
These policies led to significant economic growth and recovery in Germany, including:
1. _Reduced unemployment_: Unemployment rates plummeted, from over 6 million in 1933 to around 1 million in 1937.
2. _Increased industrial production_: Industrial production grew by over 50% between 1933 and 1937.
3. _Improved standard of living_: Many Germans experienced an improvement in their standard of living, with increased access to consumer goods and services.
However, it's essential to note that this economic growth came at a terrible cost, including:
1. _Suppression of individual freedoms_: The Nazi regime's authoritarian policies suppressed individual freedoms, opposition voices, and minority groups.
2. _Racial persecution and genocide_: The Nazi regime's policies led to the systematic persecution and genocide of six million Jews and millions of other people deemed undesirable.
3. _Aggressive militarism_: The Nazi regime's aggressive militarism and expansionist policies ultimately led to the devastation of World War II.
In conclusion, while Hitler's Nazi regime did implement policies that led to significant economic growth and recovery in Germany before World War II, it's essential to consider the broader context and the horrific costs associated with these policies.
The best description of Hitler's economic policies is on TIK youtube channel.
I thought AI would have the most extensive, and depending on what AI, the least biases
Carolyn, TIK reads the books and studies European economic and war history in the 20th century. TIK is an economist and historian living in the UK. TIK did a three part series on the Weimar Republic economy and also Hitler's economic policies. https://www.youtube.com/watch?v=7dFgOBiwSGM&t=424s
I recommend watching the three-part Weimar series. AI has its prejudices and blind spots.
I will look into it, though I must say, so far I have not caught Meta Luna AI with any biased views. Though humans? Incredibly biased.
Prepare for the worst and stack god’s hard assets for the future’s demise of mankind’s creation of fiat currencies and proxies like BC.
I'm just echoing Josh below. Striking how the middle classes hold the show together, and as they go into decline...
A lesson from history that has been embraced by the stacking community.
Literally just started reading “when money dies”
Nice timing !