The Bitcoin will become a history of mass speculation that came to grief. Charles Mackay said long ago: "Men, it has been well said, think in herds; it will be seen that they only recover their senses slowly, and one by one"
Who created the Mexican silver peso known as the "0.720 Peso"? President of Mexico Venustiano Carranza. When did minting of this coin begin? In 1920. Why was it known as the "0.720 Peso"? Because its silver content was 72% of its weight.
The Ancients described the political evolution of societies: from free Republics to Democracies; from Democracy, the prompt fall into Military Tyranny; from Military Tyranny to Kings and Emperors; from Kings and Emperors to Republics once again. And over and over again, the cycle repeats...
What happened to America was a Greek tragedy writ large. By its own hand, the US has destroyed itself. Its huge advantage - the right to issue the world's fundamental money, the dollar - turned into the sword which disemboweled its own guts.
Lecture of the author at the solemn ceremony of his appointment as Honorary Professor of Northwest Institute of Management of the Russian Presidential Academy, at the Embassy of the Russian Federation, Mexico City