Cross Currency Basis Quotes

The consequences of this amassing of fortunes were first felt in the catastrophe experienced by small farmers in Europe and England. The peasants became impoverished, dependent workers crowded into city slums. For the first time in human history, the majority of Europeans depended for their livelihood on a small wealthy minority, a phenomenon that capitalist-based colonialism would spread worldwide. The symbol of this new development, indeed its currency, was gold. Gold fever drove colonizing ventures, organized at first in pursuit of the metal in its raw form. Later the pursuit of gold became more sophisticated, with planters and merchants establishing whatever conditions were necessary to hoard as much gold as possible. Thus was born an ideology: the belief in the inherent value of gold despite its relative uselessness in reality. Investors, monarchies, and parliamentarians devised methods to control the processes of wealth accumulation and the power that came with it, but the ideology behind gold fever mobilized settlers to cross the Atlantic to an unknown fate. Subjugating entire societies and civilizations, enslaving whole countries, and slaughtering people village by village did not seem too high a price to pay, nor did it appear inhumane. The systems of colonization were modern and rational, but its ideological basis was madness.