Fiat Currencies Are Going To "Fail Spectacularly": Lawrence Lepard

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Fiat Currencies Are Going To "Fail Spectacularly": Lawrence Lepard

Russia is long commodities, long gold and doesn't need fiat currency. His debt to GDP ratio is low and taxes are low. If the world financial markets collapse on a relative basis, the position of Russia will be improved significantly. This is what I believe he is playing for. If investors do not recognize this they will be caught wrong footed as I believe many are today.

The implications for investors are quite clear. None of us own enough gold, real assets or commodities. Fiat currencies are going to fail spectacularly, and soon, in my opinion.

https://www.zerohedge.com/markets/fiat-currencies-are-going-fail-spectacularly-lawrence-lepard

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Old news.

FIAT MONEY INFLATION IN FRANCE

And now was seen, taking possession of the nation, that idea which developed so easily out of the fiat money system;—the idea that the ordinary needs of government may be legitimately met wholly by the means of paper currency;—that taxes may be dispensed with. As a result, it was found that the assignat printing press was the one resource left to the government, and the increase in the volume of paper money became every day more appalling.

A more effective expedient was a law confiscating the property of all Frenchmen who left France after July 14, 1789, and who had not returned. This gave new land to be mortgaged for the security of paper money.

https://www.gutenberg.org/files/6949/6949-h/6949-h.htm