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A new international Bretton Woods system? : Comments
By Bill Lucarelli, published 10/7/2009The present international monetary system hinges upon very fragile and perilous foundations.
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One method being used today is for governments to print money, with the inevitable result that no-one will wish to hold such money, which, to have value, must be scarce. As far as I know, no country has ever become prosperous by debauching its currency.
The real need today as I see it is extremely simple. It is for governments, and citizens to live within their means. The current standard of living of the average person is clearly unsustainable, and needs to be reduced substantially. Prudence, frugality and thrift need to become the principal theme of the times, and debt financed consumption seen to be the disaster it is. The secret to success in life is not to spend, particularly on items advertised in the media.
I have one last question for any Keynesians that are left:
If you do euthanaise the rentier, from whom will you subsequently borrow?