Harry Browne: 'The Coming Devaluation (1970)'

Source:Amazon- Harry Browne's 1970 book about inflation.

"What happens when central banks lose control of the monetary system&? We don't have to speculate The Great Depression of the 1930s tells us everything we need to know about what to expect in case of a financial collapse. The problem is, very few people understand just how close we really are to repeating this slice of history. All the warning signs are there --asset bubbles, explosive debt, social inequality, and political tensions, to name a few. And yet, we have been able to look the other way, potentially to our peril&--until now.

In The Great Devaluation: How to Embrace, Prepare, and Profit from the Coming Global Monetary Reset, national bestselling author and leading gold investment strategist Adam Baratta shines a spotlight on the state of the monetary system and the Federal Reserve. Baratta brings a fresh and engaging perspective to a topic that investors urgently need to understand. He tells the story of how the Federal Reserve grew to be the secretive, ultra-powerful institution it is today, and how its tactics have resulted in an economy that is on its last, wobbly legs.

Although it isn't easy to open our eyes to the imminent reality of economic collapse, it will be well worth the pain. Baratta reveals the history-proven strategies that we can use to insure ourselves against the coming collapse, recession, and depression. No matter what we do, the system is in trouble. The U.S. Dollar is in trouble. The Fed is in trouble. So, why not benefit by consciously pivoting our investments, our business practices, and our society? George Santayana famously said, "Those that forget history are doomed to repeat it." The Great Devaluation is a history lesson that offers readers a road map for what to expect and how to profit during the next, tumultuous decade." 

From Amazon 

"Taped Sept 3, 1970, this insightful economic conversation remains relevant today. Note Mr. Browne predicts that, "as an act of economic desperation," our government will have to "renege on their promise to foreign governments to pay one ounce of gold for every $35 turned in at the Treasury." On August 15, 1971, the Nixon Administration did so. " 

Source:Liberty Pen- Eliot Janeway debating Harry Browne on Firing Line With William F. Buckley, in 1970.

From Liberty Pen 

"Mr. Browne starts off by explaining that he isn't advocating devaluation--he is simply "looking at the world as it is" and saying that, "as an act of economic desperation," our government will have to "renege on their promise to foreign governments to pay one ounce of gold for every $35 turned in at the Treasury." (The Nixon Administration did so on August 15, 1971.) Mr. Janeway replies engagingly: "Frankly, I find myself a bit off balance being outflanked on the pessimistic side;... they pun on my name all the time and call me Calamity Janeway, and I really regard myself as the last optimist." And we're off on a high-energy discussion of the differences between domestic and international policies, or, as Mr. Janeway puts it, "the hamburger dollar available to us nationals within the sovereignty here [as against] the international dollar."  

Source:Hoover Institution- Eliot Janeway debating Harry Browne on Firing Line With William F. Buckley, in 1970.

From the Hoover Institution  

Eliot Janeway made a good point about Harry Browne when he called him an alarmist. Mr. Browne predicted that there was a coming depression. The 1970s wasn't a great decade economically for America, but other than the mid 1970s, the economy grew and grew fairly well that decade. We even had solid job growth for most of that decade. It was inflation and high interest rates that were the main economic problems of that decade.