The Inherent Greed Of The Fiat System


Think back to the first time you were given a dollar. You were four, maybe five years old. It is a powerful first for a child: the first time you buy something with your own money. You handed the clerk your dollar and he exchanged with you an ice cream, a candy bar, or a toy. It likely made you feel powerful, sophisticated, independent. The act of exchanging something you want less for something you want much more is an intoxicating feeling for a human in development.

My mother had a story from the early 90s about a friend who gave her five-year old daughter a dollar. The friend lived very well as several of her neighbors were Los Angeles Lakers at the time. The girl had everything she could ask for in life. Yet when she was given a dollar (likely not for the first time) she was insistent to a tantrum that she shall spend it on the only option available to her: a bottle of water from a vendor in a park. The mother said, “Sweetie, we have water at home and we will be there in five minutes.” The child yelled, “I WANT TO SPEND MY DOLLAR!” To squelch further public embarrassment, she let the girl have her way and bought a 12-ounce bottle of Crystal Geyser at a premium while minutes away from relatively free water.


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