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<p>[QUOTE=&quot;V. Kurt Bellman, post: 2296868, member: 71723&quot;]Yes, and both are mere bones that don&#039;t even connect any more. So what? What POSSIBLE relevance do Jefferson and Lincoln economic policies have today? Is our economy still a zero-growth agrarian one? Was there&#039;s one in which capital flows across the Pacific in microseconds?</p><p><br /></p><p>Lincoln&#039;s presidency ended the same time the great Latin Currency Union was started (the reason 20FrF used to equal 20Lire and 20SF and 20rubles and 20BelgianFr and 20 several lesser currencies). It collapsed by World War I because nations cheated rather than see their currency siphoned off by trade deficits. The only way they could figure out to make currencies convertible was their metal content. Bretton Woods tried to create Currency Union Lite but failed miserably. Signed in 1944, it took until 1961 to take full effect and was dead within a decade. (By the way, the $4 Stella was an experiment to make a Latin Currency Union equivalent coin, which wisely was dropped.)</p><p><br /></p><p>In the 1960&#039;s, economists found that there is only one way to stop currency raids on currencies artificially held at fixed exchange rates - full floating exchange rates, aka a free market for currencies. This ALSO meant no currency could be tied to the value of anything else, even gold. We have this today. The world market determines what each nation&#039;s currency is worth, and right now, they&#039;re all loving the ol&#039; U.S. greenback, even more than gold or silver, compared to recent history.</p><p><br /></p><p>This is ALSO why the euro union is doomed. Sovereign nations who want to make their own economic decisions can&#039;t use a common currency. Ask a Greek.[/QUOTE]</p><p><br /></p>

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