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Posts Tagged ‘gold exchange’

The Currency Crisis and the Welfare State

Many think that developed countries are somehow “better” than the rest because they provide for the needy through the welfare state. Nowhere is this idea more alive than in Québec. We’re more caring. Americans are ruthless cutthroat capitalists (if only!).

Few people, especially the intellectuals, understand that it has nothing to do with our good “ethos” but more with printing money and going off the gold exchange standard. Indeed, the welfare state going into full throttle coincides with the US going off the gold standard at the beginning of the 1970s. No backstop – baby boomers partied like it was …

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