Accept that our economic system is deeply flawed


Sir, I love Martin Wolf. No matter the subject, it always has a positive orientation. The risks are frequently mentioned, but the perspective is always, sometimes subtly, optimistic.

His commentary, “The global economy hums as politics turns” (January 10), is no exception.

Despite the generally optimistic outlook, Mr. Wolf, at least publicly, fails to acknowledge that the current economic system, based on debt-based fiat currency (an inherently worthless currency used as money due to government decree), is fundamentally flawed and unsustainable.

At some point, accepting ever-increasing levels of debt will falter and lead to hyperinflation, financial collapse, depression, or a combination of these.

The purchasing power of fiat or cryptocurrency, because it is based on broad deception, will eventually revert to its intrinsic value – zero.

History shows that it has always worked that way. All the financial shenanigans (shorting, naked shorting, cryptocurrencies, nothing down lending, Federal Reserve and big bank interventions – i.e. manipulations), and all the other games being played today today creating money out of thin air will only delay the inevitable.

Maybe at some point my favorite FT economist, journalist and writer could at least hint at the truth.

Chris Kniel
Orinda, California, United States

Previous Bertrand Russell on the “ills” of the current economic system – archives, 1916 | Philosophy
Next How do we design our new economic system?