dailyreckoning.com.au / By Bill Bonner / January 10th, 2014
Somehow, like it or not, the world turns. Today’s hegemon becomes tomorrow’s also-ran. Today’s reserve currency becomes tomorrow’s wallpaper. Today’s cock o’ the walk becomes tomorrow’s dinner.
Hey, we didn’t create this system. We don’t even especially like it. But that’s just the way it is.
Whether you already have made a fortune, or are trying to build one, you need to be very careful about what currency…or currencies…your wealth in denominated in.
Governments were set up to take control. Ruling elites – by force of arms – established laws, protocols and armies to try to prevent anyone from taking their place.
Their wealth, power and status were to be preserved – at all cost. But in the 18th and 19th centuries, firearms started to become ubiquitous. It was harder for elites to maintain their authority over the masses.
Every farmer on the American frontier had a rifle. A rag-tag band of insurgents in the American colonies (with the help of the French Navy) could defeat the best army in the world. An out-of-work actor could buy a handgun and pop off a president.