Fiat follies.................from Rico

The folly of Keynes and fiat money is playing out before us now.

The FDIC is broke.
Fannie and Freddie are racing one-another to lose as much money as possible.
State governments are sinking fast.
Cities and towns are going broke.
There are few 'healthy' CRE loans in existence.
Ben continues to print money almost as fast as our politicians can spend it.

I have very little doubt (looking at US debt-to-GDP) that following the Euro and the Pound Sterling the Greenback will be next.....

Followers of Hayek and the Austrian school of economics understand that cold-hard-cash is not fiat paper 'promises' to pay.