Tuesday, September 25, 2012

Reflections on the effects of War as compared to the effects of Fiat Money

Modern warfare is highly destructive. A couple of centuries ago, wars involved fighting between armies; civilians were spared. Cannons were directed at the opposing army.
Today, war means general destruction; civilians on the losing side can expect to be plundered, killed or raped. Cities are targeted for mass destruction. We rode a bus through post-war Germany in 1948, and recall that the city of Bremen was simply miles of rubble piled up on either side of a road cleared for traffic.

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