Bernie Sanders stumbles upon the monetary question
“The senator also says that if income inequality had remained the same as it was in 1975, the average worker in America would be making $42,000 more today. We’re not here either to vouch for or to deny Mr. Sanders’ numbers. The Vermont socialist wants the government to respond with enormous spending on top of what the pandemic has cost. We [are] here to suggest that maybe Congress ought to address what happened 47 years ago.”
USAGOLD note: What happened 47 years ago, notes the Sun, is the launch of the modern-day fiat money system. We put 2021 as the 50th anniversary of the fiat money system – but we won’t quibble over the particulars. Congress has had plenty of opportunity over the past fifty years to address the problems inherent to the fiat money system, but we are pretty much in the same hole first shoveled in 1971 – only much deeper. We do not expect the digging to stop anytime soon – even if Bernie Sanders were suddenly to have a monetary epiphany.
Repost from 12-8-2020