Paper money threatens America

December 8, 2016

These few comments are in response to a letter written by Dr. Richard A. Damon, of Bozeman, titled “Lets provide Medicare for all” (The Billings Gazette, Oct. 10, 2016).

It is so easy to ignore and forget the lessons of history.

Our nation abandoned our constitution in 1933, adopted Socialism, abandoned the gold standard and introduced paper money. Realistically, we have gone from a population supporting government to a population supported by government — socialism. Medicare and Social Security are two excellent examples.

During the 83-year process since 1933, we have “educated” our population to be dependent on government. We have “prospered” by going into debt (public, private, unfunded obligations) $600,000 per person; now growing at a rate of $9 per person per day. Globally, the debt burden is $34,000 per person.

Historically, 3,800 paper currencies have been introduced by governments and 3,800 have failed — become worthless — within 40 years.

Using paper money, our government has been conducting the largest Ponzi scheme in the history of the world, The early investors in Medicare (1965-present) reaped rich rewards, and now the newer generations are left with staggering debt.

Socialism and paper money like we have, is a dangerous combination: 100 percent guaranteed to fail because of debt; so appealing in our imagination, so dangerous in reality. Precious metal, the refuge of choice.

Leland P. Cade