'..a single world currency by government price-fixing schemes involving national fiat currencies is doomed to failure and will only exacerbate the monetary disorder that has buffeted the world economy since the destruction of the international gold standard in 1914.'<blockquote>'The ideal global monetary system is one with a uniform market-supplied money such as existed under the classical gold standard of the 19th century. Under this system, disequilibria in the balance of payments were quickly adjusted because any change in the supply of gold tended to be spread evenly over all participants in the system and this ensured a roughly uniform rate of inflation among all countries. This is similar to the situation today among the various states within the United States, all of which are on the U.S. dollar standard. Thus imbalances in the balance of payments between say, New Jersey and the rest of the U.S., are only temporary and are swiftly adjusted. The lesson to be learned from the myths analyzed above is that any attempt to replicate the operation of a single world currency by government price-fixing schemes involving national fiat currencies is doomed to failure and will only exacerbate the monetary disorder that has buffeted the world economy since the destruction of the international gold standard in 1914.'
- Joseph T. Salerno,
Myths and Lessons of the Argentine “Currency Crisis”, February 13, 2014</blockquote>
'..the question at issue is whether it would have held its own any better after July 28, 1914..'<blockquote>'Let us suppose, in short, that up to the outbreak of the war, the system had worked no better and no worse than that which actually existed. But the question at issue is whether it would have held its own any better after July 28, 1914. The answer to this question seems to be that it would not have done so.
The governments of the belligerent — and neutral — states overthrew the whole system of bank legislation with a stroke of the pen, and they could have done just the same if the banks had been uncontrolled. There would have been no necessity at all for them to proceed to issue Treasury notes. They could simply have imposed on the banks the obligation to grant loans to the state and enabled them to fulfill this obligation by suspending their obligation to redeem their notes and making the notes legal tender. The solution of a few minor technical problems would have been different, but the effect would have been the same.'
- Ludwig von Mises,
The Problem of the Freedom of the Banks</blockquote>
'..all major powers sleepwalked into World War I, and that Bolshevism and Stalinism were more brutal than was long known or admitted..'<blockquote>'The current state of the historical interpretation is that all major powers sleepwalked into World War I, and that Bolshevism and Stalinism were more brutal than was long known or admitted. Is there a national outburst as a result? No. Is there rejoicing because German culpability is somehow reduced? No.
No matter what others did, the Nazis were disgusting criminals whom masses of Germans followed, and the German Reich did a great deal to allow World War I to happen. German responsibility for the present and the future is one of the consequences..'
- Dirk Kurbjuweit,
World War I Guilt: Culpability Question Divides Historians Today, February 14, 2014</blockquote>
Context Banking Reform<blockquote>
1914 - 'Reminder - The Killing Fields' - 'Carl Menger [1840-1921] .. saw .. all civilizations rushing toward the abyss.''..the First World War was the death knell of the century of bourgeois liberalism.'(1914 - 2014) - '..the Middle East .. 100 years after that fateful summer in 1914.''..the unprecedented inflation of non-productive Chinese Credit..'</blockquote>