Depreciation is nothing new

posted by
August 31, 2011
by US Rep. Ron Paul (R-TX)  
Posted in Commentary

"In Marco Polo's great book of travels, he talks about a coin called the bezant circulating in Kublai Khan's Mongol Chinese empire. The emperor, like the vast majority of politicians, found the lure of paper money irresistible. In his case, however, it was money printed on pieces of mulberry tree bark. The same disastrous effects, seen everywhere else in history, followed."  

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