The American Dream Part 2 - We Now Live In A "Pimpocracy" | Zero Hedge

The American Dream Part 2 - We Now Live In A "Pimpocracy" | Zero Hedge

Submitted by Bill Bonner via Acting-Man blog,

Shabby Immensity

Today, we continue mouth wide open (Part 1 here) … staggered by the shabby immensity of it … a tear forming in the corner of our eye.

Yes, we are looking at how the US economy, money and government have changed since President Nixon ended the gold-backed monetary system in 1971. It is not pretty.

We already know about the money. Since 1971, it’s been a credit-based, not a gold-based, system. The pre-1971 economy had three key characteristics:

1) It was healthy – Industry made things and sold them at a profit

2) It was fair – Financial progress was fairly evenly distributed.

3) It was solvent – The US was a creditor, not a debtor, nation.

Cartoon by David Horsey

Cont...