This is the eighth installment in a series of chapter summaries from G. Edward Griffin’s must-read book The Creature From Jekyll Island. This book may be the most important “red pill” available and we highly recommend that you read the full book. Buy it today at RealityZone.
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Chapter 8 Summary: Fool’s Gold
Fiat money is paper money without precious-metal backing which people are required by law to accept. The first recorded appearance of fiat money was in thirteenth century China, but its use on a major scale did not start until colonial America. The experience was disastrous, leading to massive inflation, unemployment, loss of property, and political unrest. During one period when the Bank of England forced the colonies to abandon their fiat money, general prosperity quickly returned. The Revolutionary War brought fiat money back to the colonies with a vengeance. The economic chaos that resulted led the colonial governments to impose price controls and harsh legal tender laws, neither of which was effective.
Fractional money is defined as paper money with precious-metal backing for part, not all, of its stated value. It was introduced in Europe when goldsmiths began to issue receipts for gold which they did not have, thus only a fraction of their receipts was redeemable. Fractional money always degenerates into pure fiat money.
Get the book for yourself or for others you want to wake up. It reads like a mystery novel and is filled with colorful metaphors that make the seemingly complex world of banking very easy to comprehend. Visit RealityZone for your copy today. Summary is re-printed with permission from G. Edward Griffin.
See other parts below:
PART 1: The Journey to Jekyll Island
PART 2: The Name of the Game is Bailout
PART 3: Protectors of the Public
PART 4: Home, Sweet Loan
PART 5: Nearer to the Heart’s Desire
PART 6: Building the New World Order
PART 7: The Barbaric Metal
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