The reason I bring this up is back in the days of the
French Revolution, when they brought in the assignat paper currency, which
eventually imploded and went the way of all of the other paper currencies in
history, they passed a law that if you tried to pay your debts in gold or silver
you would face execution. Well, the people just ignored it (laughter ensues)
because they were believers in gold and silver and not believers in
paper.
When the assignat paper money inflation ended in
France, what happened was they took the unprinted bails of soon-to-be fiat paper
money, all of the money that had recently been printed at the mints, as well as
the printing presses and the plates, and they took them all to the Place de la
Concorde in Paris. In front of a huge crowd they smashed the printing presses
and plates with sledge hammers and then set fire to everything else in a huge
bonfire. This was to signify the end and that they were not going to print fiat
paper money anymore.
Eventually, when Napoleon Bonaparte came to power he
said, ‘We will pay in gold or we will pay not at all.’ This is the sort of
thing that eventually happens, and this is what is still to come in the West.
People will get so fed up with paper, or digital money, that they will revolt
and then we will see a new system with gold at the center of it.”
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