An ethical person - like a politician, banker or lawyer - may know right from wrong, but unlike a politician, a moral person lives it.
"Marx and Engels never tried to refute their opponents with argument. They insulted, ridiculed, derided, slandered, and traduced them, and in the use of these methods their followers are not less expert. Their polemic is directed never against the argument of the opponent, but always against his person." - Socialism
It ‘s not clear how graphics like the one below (spotted at The Big Picture)
are created since there probably wasn’t a Bloomberg-like organization
to collect data for the price of sugar back in the 1700s, but, if the
data is anywhere near accurate, it tells a fascinating story – not about
commodities, but about the U.S. dollar.
The red annotations are mine, the point being that, prior to Nixon
severing the last ties between the U.S. dollar and gold , the only time
there would be spikes up in commodity prices was during wartime. Then,
after the wars concluded, prices would revert back to their previous
levels (i.e., prior to WWII) – about what you’d expect to happen with a
commodity based currency.
Of course, history will be the judge of the current era of pure fiat
money. My guess is that, at some point in the not-too-distant future,
the curve above will steepen rather sharply, the monetary system as we
know it will get its RESET button pushed, and we’ll revert to something other than pure fiat money.
About The Author - Tim Iacono, a retired software engineer living in Bozeman, Montana, is the founder of Iacono Research. (EconMatters author archive here.)