Wednesday, March 20, 2013

Fiat money and Social Security

By Carl Stoll  Comment on an article in Forbes 2010-10-28

If fiat money is why we have Social Security”, as Brian Dimitrovic claims, that means that Social Security could not exist without fiat money. My research into the origins and development of welfare state systems  in Europe and the Americas has made it perfectly clear to me that welfare states began to be established both in Europe and in the United States many decades before the respective national currencies began relinquishing their links to gold.  The welfare state started in Scandinavia in the 1880s, in Britain in 1911, and in the US in the 1930s. Britain did not abandon the gold standard until 1931, 20 years after the introduction of  state pension and health-care systems in that country. I feel confident that the same holds for all or most welfare state systems.

Consequently Brian Domitrovic is a liar. I'll write that again: BRIAN DOMITROVIC IS A LIAR. His statement is clearly an historical fabrication that he made up for some reason in whose nature I do not have the slightest interest. The fact is that I didn't even bother to read his cheap propaganda rant. The headline was enough to convince me that reading the article would be a complete waste of time.

Brian Dimitrovic belongs to the same class of liars and swindlers who claimed that Iraq had weapons of mass destruction and that Goldman Sachs was honest. Brian Dimitrovic should be banned from every reputable publication on this planet. If I ever run into that b…..d I'm going to  punch him in the nose.  

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