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The Third Social Disorder

The third social disorder produced by the infirmity of the world dollar standard:

3.  The world dollar standard creates a toxic sense of entitlement in the culture.

Entitlement means “having a right to something.”  Before the world dollar standard began to erode our overall work ethic this “something” was “an honest day’s pay for an honest day’s work.”  It sounds almost quaint.  We take it as quaint at our peril.  An attitude of entitlement has been created by the use of the dollar as a reserve currency.  Such use enables America to consume without having to produce.

We can purchase goods and services internationally with money that is used as a reserve by a foreign nation’s bank of issue.  America can buy all the toys that China can make with dollars that have been printed rather than earned.  America is awash with toys.  China is awash in dollars and … factories providing employment to its people.  Congress runs trillion dollar deficits as far as the eye can see.  The world dollar standard breaks the natural moral order: to consume one must produce.  It does so at the national, official, level.  This is terribly demoralizing to a society.

The practice of our national leaders promiscuously printing and spending money creates a sense of entitlement among the people.  It is not a mere coincidence that as America was abandoning its commitment to the gold dollar, and inflation began to become apparent, grade inflation throughout our academic institutions appeared.  “An annual national survey of college freshmen indicates that students are studying less in high school, yet an increasing number report high school grades of A- or better.”

Entitlements in the federal budget threaten America with destitution.  Entitlement in the culture threatens America’s viability.  Entitlement is the antithesis of enterprise.  Enterprise is the true and only creator of financial and social wealth.  The world dollar standard nurtures entitlement and destroys enterprise.

The other "social infirmities" of the world dollar standard include:

1. It invisibly but powerfully erodes other social standards.

2. it breaks the social compact of equality of opportunity.

Next we shall turn attention to the political infirmities of the world dollar standard.

 

Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

In Memoriam
Professor Jacques Rueff
(1896-1978)

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