Dr. Paul on how it is that Greek-style debt explosions spread to other nations, and what is at the root of falling currencies, massive debt and out-of-control inflation: fiat currencies that have no value, but we keep performing the ultimate alchemy: printing more paper money, based on...nothing!
As governments and central banks continue the cycle of spending and inflating, the purchasing power of their currencies is constantly being degraded. These currencies are what the people are working for and saving. This inflation guts the savings and earnings of the people, who have very limited options for protecting themselves against these ravages. One option is to convert their fiat currency into something out of reach of central banks and government spending, such as gold or silver.
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