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vox kadavergehorsamkeit
Member since May 2012
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has posted a comment on the article :

Fed To Prompt Currency Crash and Return to Gold Standard

- Mark O'Byrne - gold.ie

Thanks for your response finespecimen and welcome to the forum.

i did not make the claim that paper does not lose its value. My comment had to do with no matter what we choose to represent money, it has always been subject to depreciation due to the irresponsible management of our fiscal affairs. There is absolutely nothing special about gold in this regard and history is replete with examples where gold has been devalued. However, contrary to what you claimed, the only paper currencies to become valueless have all been in nations that had no bond market. As well, let me point out that gold does not always maintain its purchasing power. As capital flows move from private to public, gold goes down in value and when the capital flows are reversed, gold gains in value. Gold is no steady Eddie, as the gold perma bulls would like for us to believe.

Booms and busts aside, must not one wonder why it is (if gold is the very best representation for money) that not even one nation still remains on the gold standard? i suspect the answer will not be that no nation could stand so much success.

Commented 4208 days ago

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Beginning of the headline :Jim Grant, astute monetary economist and respected author of the Interest Rate Observer said in a Bloomberg interview overnight that the dollar would crash and a new Gold Standard would be the end result of the U.S. Federal Reserve’s irresponsibilities. Although the interviewer said that Grant’s remarks were inflammatory Grant said that it is important to examine our monetary affairs over the sweep of time... Read More

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