en
John Butler

The Golden Revolution

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  • swatibistalıntı yaptı8 yıl önce
    learned in our time.
    There has been much written about why the price of gold is moving higher and will continue to do so. It will, and probably much higher, when denominated in units of weakening fiat currencies. But, while this is certainly useful advice, it does not fully prepare the reader for the practical reality of the transition to the coming global gold standard, which is going to be substantially different from the fiat monetary and financial regime of today. It is not just money that is going to change. The nature and business of banking w
  • swatibistalıntı yaptı8 yıl önce
    Money can function as such only if there is sufficient trust in the monetary unit as a stable store of value. Lose this trust and that form of money will be abandoned, either suddenly in a crisis or gradually over time in favor of something else. History is replete with examples of Gresham’s Law, which states in part that “bad” money drives “good” money out of circulation, that is, when faith in the stability of a type of money is lost, it may still be used in everyday transactions–in particular if it is the mandated legal tender–but not as a store of value. The “good” money is therefore hoarded as the superior store of value until such time as the “bad” money finally collapses entirely and a return to “good” money becomes possible. This monetary cycle, from good to bad to good again, has been a central feature of history.
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