fiat currency

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"fiat currency"

Currency collapse dynamics

The reason we accept paper money as a store of value is habit. This habit has its origins in history, when banks took our gold as deposit and issued paper receipts for it. The gold has gone, but the paper with its habitual value remains, and we accept it without question. The only backing is a vague government promise. There is no sound ...

2012-MAY-19 · Alasdair Macleod

fiat currency, inflation, sound money

Improving the banking system

Governments grant central banks a monopoly on the creation of hard currency. At the same time, we ordinarily make transactions with other means of payment supplied by commercial banks. This is possible because in our monetary system commercial banks are able to create so-called bank money. These means of payment consist of different ...

2012-MAY-15 · Juan Castañeda

central banks, fiat currency, gold standard, sound money

Gold bugs will be vindicated

In recent weeks, while the eurozone has suffered escalating levels of systemic stress in government bond markets and its banking system, the gold price has fallen under $1,600. One would have thought that – but for the occasional fat-finger trade – gold would rise in all this instability, not fall. Putting aside ...

2012-MAY-12 · Alasdair Macleod

debt crisis, Europe, fiat currency, gold price

Why gold money?

Recently Rob McEwen of McEwen Mining Co. and Michael Crofton of Philadelphia Trust discussed the pros and cons of the gold standard. In this debate, Mr McEwen made an excellent case for gold as “the ultimate currency”. He argued that using gold as currency could help restore fiscal discipline in governments; and that, in ...

2012-MAY-07 · Gabriel M. Mueller

fiat currency, gold standard, sound money, USA

A plea for sanity

An article by Professor Lew Spellman has caught the attention of the sharp-eyed, and may indeed be important. Spellman, who in the past has been an economist at the Fed and served as an assistant to the Chairman of the President’s Council of Advisors, makes the point that gold is quietly becoming a core banking asset for collateral ...

2012-APR-25 · Alasdair Macleod

buy gold, China, dollar, fiat currency, gold bullion, gold standard, US Treasuries

The death of our exponential money and credit system

A Broken Narrative Recently I was asked by a high school teacher if I had any ideas about why students today seem so apathetic when it comes to engaging with the world around them. I waggishly responded, "Probably because they're smart." In my opinion, we're asking our young adults to step into a story that doesn't make any ...

2012-APR-18 · Chris Martenson

central banks, debt crisis, economics, fiat currency, oil prices

Savings, investment, and the Keynesian preference

Neo-classical economists underestimate the importance of the link between savings and investment. The two should be regarded as linked together: you need savings to be available for investment in new production for the future. This causes no concern to mainstream economists. Instead they advocate that savings should support government ...

2012-MAR-31 · Alasdair Macleod

debt crisis, economics, fiat currency

A perspective on money from Howard and Warren Buffett

In a recent article in Fortune, Warren Buffett reiterated his well-known view on money. Far less celebrated, however, is the discerning view of his father, Howard Buffett, expounded in a brilliant speech in 1948 while serving as a 4-term congressman from Omaha. In contrast to his son WB, HB insightfully considers the importance of money ...

2012-MAR-07 · James Turk

economics, fiat currency, Howard Buffett, sound money, USA, Warren Buffett

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