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The Fed Has Gone Nuts -- We Need To Return To The Gold Standard
• http://www.businessinsider.com, John MauldinThere are times, my friends Michael Lewitt and Dr. Lacy Hunt agreed today at lunch, when the study of economics is best informed by a sound knowledge of history.
Indeed, Michael's son wants to follow his father into the finance world, and Michael is starting him off in history. I have spent hours listening to Lacy stroll through economic history, detailing the path of economic thought from Fisher to Kindleberger to Minsky.
The last few days have been one of those times when I realized how much I don't know and how much more there is to learn. Not only Lacy and Michael are here in Florida, but a long list of bright minds to learn from. James Rickards, who has recently written the tour de force book Currency Wars,Harry Dent, Doug Casey, Porter Stansberry, Greg Weldon, and John Williams of Shadow Stats, with whom I look forward to meeting (do I have questions for him!). And so many more.
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1 Comments in Response to The Fed Has Gone Nuts -- We Need To Return To The Gold Standard
I support the theory of sound money based upon the Gold Standard, the precious metal coinage specified by the US Constitution as Ron Paul espouses.
HOWEVER, in practice, the price of gold is subject to the same elite players as those who control the fiat currency now rolling off printing presses globally. The vast bulk of physical gold is possessed by governments, major banks, the royal families, the billionaires and their corporations. Think of the Rothschilds and their estimated wealth of $500 TRILLION. Not all their money is in gold, but look at their palace, or Buckingham Palace for that matter! Your few gold coins could quickly be devalued in a new regime if the oligarchs chose to do so.
Silver is more populist, being more widely distributed in a great many hands.
I am certain we are looking to a "Cashless Society" based on the prophesied "Mark of the Beast" designed to enslave and tightly control all people. Coins of any kind will become the currency of underground economies. God help us!