Nations decline as a result of lawlessness, lack of self-restraint, and currency debasement. Plato's soft-money experiment failed. Alexander the Great rose to power with hard money. Julius Caesar made the Roman Empire strong through hard currency. Soft money and price controls under Diocletian resulted in a barter system which doomed the Roman Empire.
Rampant devaluation under the Sung and Chin dynasties in the early 1200s preceded the invasion by the Mongols. The Mongol government reinstated a hard silver currency. When the Mongols debased the paper currency, Chu Yuan-Chang drove out the Mongols and started the Ming dynasty. Soft money eventually doomed the Ming dynasty in 1644.
John Locke promoted the rule of law and hard currency in England, and help create the stability which resulted in the United Kingdom. The stable dollar, and the absence of taxation enabled explosive growth in the U.S. When the U.S. stopped redeeming the dollar in gold, the world was placed on a fiat paper money system. Federal Reserve Chairmen Greenspan, Bernanke, and Yellen have created financial bubbles, and have destroyed much of the value of the U.S. dollar.
President Trump could have switched to hard currency, but instead has decided to replace Janet Yellen with Jerome Powell, who is a proponent of soft money. It appears this will doom the U.S. to continued financial decline. The U.S. could not defeat Viet Nam. The U.S. seems unable to stop North Korea and Iran from developing nuclear weapons. A nuclear weapon exploded over our country, could deliver an electromagnetic pulse which could substantially destroy our electric grid, fry electronic devices, and return the U.S. to the dark ages. Only prayer and repentance can stop our decline.
Dr. Steve Johnston 11/14/2017