Professor Polleit explains why fiat currency systems produce 'collective corruption'

Section:

8p ET Friday, January 4, 2012

Dear Friend of GATA and Gold:

An interview done this week by GoldMoney's Andy Duncan with the German economics professor Thorsten Polleit, in which the professor explains why fiat currency systems lead to "collective corruption," delighted your secretary/treasurer because it reminded him of something a high school graduate said at GATA's Washington conference in 2008 (http://www.gata.org/node/6242):

"The problem with central banking has been mainly the old problem of power -- it corrupts.

"Central bankers are supposed to be more capable of restraint than ordinary politicians, and maybe some are, but they are not always or even often capable of the necessary restraint. One market intervention encourages another and another and increases the political pressure to keep intervening to benefit special interests rather than the general interest -- to benefit especially the financial interests, the banking and investment banking industries. These interventions, subsidies to special interests, increasingly are needed to prevent the previous imbalances from imploding.

... Dispatch continues below ...



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"And so we have come to an era of daily market interventions by central banks -- so much so that the main purpose of central banking now is to prevent ordinary markets from happening at all.

"Central banking controls the value of all labor, services, and real goods, and yet it is conducted almost entirely in secret -- because, in choosing winners and losers in the economy, advancing infinite amounts of money to some participants in the markets but not to others, administering the ultimate patronage, central banking cannot survive scrutiny.

"Yet the secrecy of central banking now is taken for granted even in nominally democratic countries."

That is, money creation is power, infinite money creation is absolute power, and as Lord Acton said so famously, "Absolute power corrupts absolutely."

Professor Polleit backs it all up with some Austrian School economics in 27 compelling minutes at GoldMoney's Internet site here:

http://www.goldmoney.com/podcast/thorsten-polleit-discusses-collective-c...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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