The ‘ruling interests’ are using an ‘economy based on consumption’, liquidating it, and in the process, turning it into a business opportunity and strategic game play too re position their interests for the best seat in the house for the next economic model coming down the neo liberal pipe.
JAMES II ‘s CAPEL STREETS ROYAL MINT 1689
Funny side story from 17th century Dublin history:
After James II abdicated the English throne in 1688 he went to France for a short time. Then in early 1689 he came to Dublin.
The first thing he did to fund his campaign was to issue a decree that increased the value of English gold by 20% and Silver by 8%.
Later that year after he ran out of funds, he established a mint in Capel St. Dublin where he went on to make his own coins from brass and copper. This was originally intended to be a stop-gap measure, as he intended to convert them back to silver once he regained the English throne, of course that never happened.
After he ran out of brass and copper he started to make coins from tin and pewter.
By royal decree, he seized two brass cannons from Dublin castle.
In 1690 he resorted to making coins from gun metal and broken cannon balls, this led to the adoption of the phrase ‘gun money’.
The situation became so bad in 1690, that all half crowns were re-called and re struck as crowns and all other coins were reduced in size to save metal.
After James lost the Battle of the Boyne. The mint came under the control of the Williamites and in early 1691 the currency was declared worthless.
The first time I read this in Frank Hopkins’ wonderful book – Hidden Dublin – Deadbeats, Dossers and Decent Skins,
I thought that it was a cute and laughable Dublin story but it now appears more to be a valuable lesson form history about
the fate of ‘Fiat Currencies’.
Now I’m not an Ayn Rand apologist but a few years ago read I Atlas Shrugged. One thing that stuck in my mind was the
phrase: “So long as men live together on earth and need means to deal with one another–their only substitute, if they abandon money, is the muzzle of a gun”.
In Rand’s mind, the only true money was gold. In the light of the story about the Jacobian mint this phrase assumes a
poignantly ironic twist.
I’m not a historian or an economist, I’m an engineer. In my job, I have to deal with truths and facts to get things working. I can’t resort to half truths or propaganda, the things I design either work or they don’t; simple Boolean logic.
We all know who the deadbeats and the dossers are (the government). The big question is: Do we have enough decent
skins left to take care of this mess?