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<p>[QUOTE=&quot;tekhen, post: 1762381, member: 16202&quot;]Good morning!</p><p>&nbsp;</p><p>Education in general changed during those times. The education system and more staying in school made it viable to be a physician.&nbsp; I do not believe insurance allowed doctors to have a baseline, if anything it took control away from the doctors and gave it to the insurance industry.</p><p>&nbsp;</p><p>Credit cards are equivalent to fiat... if the lender accepts CCs as payment they will accept. Cheques, any accepted plastic cards even the new cell phone apps. As a pure exchange one party can say... we do not accept pennies or bills higher than $20.</p><p>&nbsp;</p><p>You are correct, fiat currency brought about more money into a larger technological growth but it is fiat in the form of debt that is the issue. Fiat alone is not the issue, fiat in the form of debt to where the interest becomes unmanageable is the core problem.&nbsp; It is debt in the form of fiat that is the issue.</p><p>Once fiat was allowed to float with nothing to back it/keep it in check along with inflation included in the math we have seen what PMs have done since 1965 and 1971. Albeit, it is time consuming but in the big picture it cannot be argued that fiat as it stands in this case as the FRN has been debased since its inception to the tune of almost if not 100% while a Morgan/Peace is at +1530% to its face value and a double eagle is today worth $1270 as compared to $20.</p><p>&nbsp;</p><p>Concerning the global economy... I agree with you in the growth compared to Au. Debt has allowed for &#039;fast&#039; growth, at the same time that same debt has caused problems.</p><p>Do we need to push fast in order for the economy and technology to grow?</p><p>An example (personal) I was fortunate enough to be accepted and graduate from a good university. At the time I was clueless but the only way I was able to attend was to become a slave to the lender. The reason many are able to attend college is Ms Sallie Mae. I was fortunate, picked a major to where I was able to pay the loans off. Many who did not have a (what I call) payable major or dropped out are still paying after many many years.</p><p>Since we have become a country, that is debt driven we as citizens owe the bankers through the gov&#039;ts IRS $190,000. Can our gov&#039;t pay this debt without a &#039;reset&#039;? Is growth worth it if based o debt? Again, I truly believe that the growth of technology will continue, it always has. The question is at what pace?</p><p>&nbsp;</p><p>I am sorry that you feel that I am a &#039;freshman&#039; poly sci student who has ignored history. I will not call you the same as I appreciate the debate.</p><p>I also do not feel that I have ignored history, we see it differently. You see fiat in the form of debt as a positive to growth where I simply do not and I believe I have showed where it has rendered us in the situation we see today.</p><p>&nbsp;</p><p>I wish you all the best![/QUOTE]</p><p><br /></p>

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