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This article had great perspective. We tend to believe our current fiat money is something "new" and "modern" when in reality metal/virtual currency seems to move in cycles (as the author points out). We also tend to believe this most recent economic crisis was a modern contrivance as well, when in reality it bears striking similarity to many crisis from previous centuries. Ken Rogoff and Carmen Reinhart wrote about the similarity between the current economic collapse and previous valuation bubbles and currency crisis in their book "This Time It's Different" which might be good further reading for anybody who was intrigued by this article.

http://www.amazon.com/This-Time-Different-Centuries-Financia...




See also "Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007" ( http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1401882) previously on HN.




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