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Comment: History Repeats with Precision - Paul Krugman = John Law

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History Repeats with Precision - Paul Krugman = John Law

When no one but the FED will buy short term treasuries, the dollar will tank. It will not be gradual, it will be like the Greece or Italian debt a rubber band that snaps. Since the US does not prohibit foreign property ownership I suspect we will see lots of foreigners next door.

This is why 'Bond King' Bill Gross favors Ron Paul. History is repeating itself with crystal clarity. Read what happened to France early 1700's

France's economy was stagnant and her national debt was crippling, John Law proposed to stimulate industry by replacing gold with paper credit and then increasing the supply of credit, and to reduce the national debt by replacing it with shares in economic ventures. Though they FAILED, his theories ironically live on 300 years later and "captured many key conceptual points which are very much a part of modern monetary theorizing".

That is eventually how we got the Louisiana Purchase so cheap, and it maybe how we lose it.

BTW - John Law escaped the guillotine by impersonating a woman and fled to Italy.

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