Three questions from the Nixon era for Joe Biden

Financial Times/Gillian Tett

Repost from 7-30-2021

black and white photograph of Richard Nixon at Camp David

“August marks the 50th anniversary of a momentous event: Richard Nixon, then the US president, summoned his advisers to Camp David. The subject of discussion wasn’t war or foreign policy.”

USAGOLD note: Tett marks the 50th anniversary of the fiat system by exploring two books – one old and one new – against the backdrop of the enormous global debt load. The new is Garten’s Three Days at Camp David (2021). The old is Graeber’s Debt, the First 5000 Years (2012). She warns that we should prepare for the unexpected. “It seems most unlikely [the global debt] can ever be repaid just by growth; sooner or later — and it may be much later — this will probably cause a direct or indirect restructuring or a social or financial implosion.” She then outlines some possibilities. Much food for thought at the link above.

Image: President Richard Nixon at Camp David. Oliver F. Atkins, photographer. Via Wikimedia Commons. Public domain.

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