My friend Dominic Frisby put together an interesting video on the rationale for a gold standard.
[youtube https://www.youtube.com/watch?v=RvL_Dm2d99A]
link if above video does not play: Gold: Independent Money
A gold standard will not cure every social ill in the world, nor will it stop all senseless wars. Nothing will. However, by now it should be clear to everyone that the current fiat system is good only for bankers, brokers, politicians, war mongers, and the already wealthy. Everyone else loses as inflation eventually eats away at what’s left of the rapidly shrinking “middle class”.
All fiat currencies including the US dollar are doomed. The only debate is the path it takes to get there.
For further discussion please consider
- Hugo Salinas Price and Michael Pettis on the Trade Imbalance Dilemma; Gold’s Honest Discipline Revisited
- Michael Pettis Warns of “Virulent Political Turn Against Euro”, Adds Clarification to “Gold’s Honest Discipline”
- Jim Grant on going forward with a gold standard, “This is not a threat, this is not a promise, it’s going to happen”
Mike “Mish” Shedlock
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