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Not surprisingly, the same year that income tax was added to the Constitution. That was when economics transformed into the system that we consider normal today
by cloakandswagger 10y ago
Not surprisingly, the same year that income tax was added to the Constitution. That was when economics transformed into the system that we consider normal today: perpetual slavery to a debt that can never be paid off.
All of the events that came after (the boom/bust cycle, abolition of the gold standard) were a natural result of that decision.
- ticviking 10y agoI don't disagree with your first paragraph, but boom/bust cycles existed before fiat money.
- AnimalMuppet 10y agoArguably, the Fed has reduced the severity of that cycle (with the 1930s being the notable exception).
- patrickg_zill 10y agoGood point. In all cases I am aware of, introduction of a fiat currency requires income taxes, in order to "prime the pump" to create demand for the fiat.
- redblacktree 10y agoI pay all of my other taxes in USD as well.