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Britain Calling in Military to Enforce its COVID-19 Restrictions Without Parliament Debate
COMMENT: Has social media replaced civil disobedience, do people vent their spleens over a keyboard and feel that they’ve made their contribution.
This is the Wroclaw Poland Monument to the Anonymous Passerby. This is a striking public sculpture installed on street representing the period of martial law in Communist Poland. The Wroclaw Monument honoring the anonymous passerby who fell under the ground. People who were living at the time of martial law, know that it is real. Underground was a place where a part of the Polish nation came into being December 13, 1981. Wroclaw took part in the anti-communist activity. This represents our hope, that the dissent which is being forced underground, will one day rise up as history dictates such oppression always fails.
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The Surrender of Liberty in the Name of Security
The Surrender of Liberty in the Name of Security
QUESTION: It seems that as we get closer to a change-over of economic systems that as a society we are more willing to give up our rights to the State. Is that part of a pattern during these types of events? Was it seen as Britain, Rome, and other countries lost power after their peaks?
DS
ANSWER: Unfortunately, the trend first materializes when people need the government to protect them usually from an external force. The British used this tactic against both the French and the American colonists. That prompted Ben Franklin to comment on this trend.
After the 3rd Century Monetary Crisis bottomed in the Roman Empire in 268 AD, there was a surge to build a wall around Rome by Emperor Aurelian following the same pattern. Aurelian saw the corruption that led to the debasement of the currency because those minting the coins were robbing the treasury. Aurelian moved to DRAIN THE SWAMP in Rome. When Aurelian returned to Rome in 271 AD after fighting off barbarians, he had to pacify a terrified city. He immediately halted the rioting and restored order to the capital. The controller of the mint in Rome began a rebellion over the monetary reforms laid out by Aurelian. He ordered that all the debased currency be purchased back and replaced with a new currency of higher content in silver. The rebellion was led by Felicissimus.
It appears that those who had been running the mint were embezzling the intended silver and issuing the debased coinage at least in part on their own authority. Obviously, any reform to the monetary system that called for an increase in silver content would have been unprofitable for those running the mint for personal gain.
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The Coming Monetary Crisis
QUESTION: Mr. Armstrong, you said that next year, interest expenditure will most likely exceed military. Is this how the monetary crisis begins to unfold?
WR
ANSWER: The entire problem with this Quantitative Easing has been the plain fact that the government is the biggest debtor. This is the same model around the world. Lowering interest rates to encourage people to borrow is absurd when the greatest impact will be upon the government. Europe is now on life support thanks to the ECB. Even if we look at the United States, every 1% rise in interest rates adds $220 billion annually to America’s deficit. Since we have exceeded the Bullish Reversal on Fed Rates on an annual basis, reaching the 5% level means the annual interest expenditures will be rise by about $1 trillion per year! This is just not a system that has much life expectancy before we enter a major Monetary Crisis that is off the charts.
The Long-term Cycle of Monetary Crisis
QUESTION: Mr. Armstrong, I have been following you for all my adult life and that has exceeded 20 years by now and am shocked to say, I found your article on how things evolve GOLD-Oil-Dollar. I must say this is a eye-opening evolution you are talking about. Has this always been the case with things changing coming into play and then vanishing?
ANSWER: Absolutely. I have written about how gold vanished from use with the Dark Age following the fall of Rome. Gold did not reappear in coinage for nearly 600 years. The first gold coin to reappear in Britain came during the 13th century issued by Henry III.
The Gold Cups of Mycenae
The same thing took place with the Dark Age in Greece. This is when the Mycenae ruled known as the Heroic Period of which Homer wrote. Scholars thought it was just fiction written by Homer until the ancient city of Troy was discovered. Troy VIIaappears to have been destroyed by war around 1184 BC. However, scholars did not believe the writings of Homer because Homer was born sometime between the 12th and 8th centuries BC. He remains famous for his work The Iliad and The Odyssey. So once again there is about 600 years separating the Heroic Age and the Hellenistic Age.
If we turn to Japan, here too we find that the emperor abused his power to issue money and once again we find money vanish for about 600 years. Each new emperor devalued all previously issued coinage to 10% of his new coinage. People simply refused to accept coins because they were devalued and were no a store of value.
Therefore, throughout economic history we always have long-term structural reform. Do not expect either gold or oil to always be a valuable component.
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