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We can pretend an insanely over-leveraged, fragile status quo is rock-solid and will deliver the goodies regardless of anything short of an alien invasion or meteor-strike, but pretending will only take us so far.

The ideal ‘sound money system’ is one in which many currencies, both state-issued and privately issued, compete in a transparent global marketplace.

Now that America has been transformed from a high-trust social order into a low-trust social order, there’s no going back.

The risks of gambling in speculative frenzies and depending on serial asset bubbles continuing forever are easily observable, yet few act to reduce these risks.

But the status quo has much to unlearn, and it seems the only pathway to a new understanding is a Great Depression.