Back in the ‘60s, I read an article concerning North Korean’s devaluation of their money (won) by decree and overnight. That incident highlighted the horrors of money devaluation and raging inflation that America faces today.

Congress passed the Coin Age Act of 1965 which essentially removed a precious metal (silver) from dimes, quarters and half dollars and transitioned the metal in coins to less valuable metals (copper, nickel, zinc). The “Real” value of the coins diminished while the “nominal” value remained the same. This act was part of the Great American Ponzi Scheme ongoing today.

In 1971, Nixon removed the gold standard from the dollar. Until 1971, every printed dollar had a corresponding amount of gold to redeem these dollars. In 1971, the financial world changed ... forever.

After 1971, Presidents and Congress had carte blanche authority to spend fiat currency. By removing restrictions on printing dollars, unlimited dollars could be printed into existence and they were ... millions then, billions today.

At first, inflation was slow, almost unnoticed. As presidents and Congress sanctioned new programs, many free, the increasing printed dollar supply caused higher inflation.

Dollars today are supported by “the full faith and credit “ of the U.S. Government.

Do I have faith our government will refrain from printing dollars and stop spending? No.

Credit - our government is bankrupt owing over 35 trillion dollars to other nations. The greatest debtor nation in the history of the world.

Inflation was mostly under control since the founding of the Federal Reserve in 1913 until 1971. After 1971, printing money had few boundaries and Presidents and Congress (Republicans and Democrats) all jumped on the spending spree bandwagon.

We crossed the Rubicon, there is no going back. Inflation can never be controlled, but rather it will increase at a faster pace. Every fiat (by decree) system created eventually fails, likewise the dollar now in its death spiral will also fail.

When the dollar fails, tens of millions of people will be thrust into poverty. Our government sold us down the Rubicon, it can’t be stopped.

The dye is cast ... prepare.

Terrance Watto (Retired U.S. Navy)

Lehighton