Economic Outlook: Economic Summits and Our Era of Monetary Inflation

article image
ILLUSTRATION: DAPOOMLL/FOTOLIA
In the era of monetary inflation, only economic self-sufficiency can improve your economic outlook.

As you probably know, another Economic Summit Meeting was held in Germany in mid-July and–as usual–Little Jimmy Carter and all the other world “leaders” who attended declared the gathering a great success. And all the newspapers and television journalists who covered the confab then ran stories telling us that the Summit was, indeed, a Great Success.

As this column reported following the London Economic Summit back in May 1977, however, the real story of the meeting was the fact that it was held at all.

Back in the “Good Ol’ Days” before the printing press money boys gained control of most of the world’s governments, you know, there simply wasn’t any need for such grandstand plays to reassure the planet’s peons that “someone’s doing something” about the earth’s (politically created) economic ills. It was 31 1/2 years between the major economic conference held in Bretton Woods, New Hampshire in July of 1944 and the one held in France November 15 and 16, 1975. But in just the following two and a half years, the world has witnessed three more Economic Summits (one in Puerto Rico in June of 1976, a second in London in May of 1977, and–now–a third in Germany in July of 1978). More are on the way.

And, as this column asked after the London gathering, “Why is it that the more frequently our ‘leaders’ get together to ‘solve’ our economic problems, the faster the world’s economy and economic outlook goes to hell in a hand basket? And just how long will it be until those same ‘leaders’ declare monthly–or weekly–Economic Summits?”

Era of Monetary Inflation

  • Published on Sep 1, 1978
Online Store Logo
Need Help? Call 1-800-234-3368