James Turk and Reg Howe on the history of the gold standard
If you do not know who Reg Howe is, well, he the unspoken Hero of what we are trying to accomplish. He is the guy, that guy, the 'in' so to speak. When he comes out of his hole to speak, listen.
The paper they mention around 26:00 more than any one single thing has made me a staunch believer in sound money, as well as the inevitability of the outcome of ANY fiat currency.
Not a strong or long term correlation, but gold and the dollar are starting to look like they're both getting safe haven trades on the same days. It'll be interesting to see if it lasts. The Bernank has been walking a tightrope, trying to devalue the dollar and keep treasury rates low at the same time. QE has done that for a time, but that can only last as long as there are buyers other than the Fed. After that, the only thing he can do is issue worthless paper for worthless paper and, even if the nominal yield is low, no one will want or accept either dollars or treasuries. It'll be nothing but monetary masturbation.
http://mises.org/books/inflationinfrance.pdf
ReplyDeleteThe paper they mention around 26:00 more than any one single thing has made me a staunch believer in sound money, as well as the inevitability of the outcome of ANY fiat currency.
Great interview!
Make that 15:45
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Not a strong or long term correlation, but gold and the dollar are starting to look like they're both getting safe haven trades on the same days. It'll be interesting to see if it lasts. The Bernank has been walking a tightrope, trying to devalue the dollar and keep treasury rates low at the same time. QE has done that for a time, but that can only last as long as there are buyers other than the Fed. After that, the only thing he can do is issue worthless paper for worthless paper and, even if the nominal yield is low, no one will want or accept either dollars or treasuries. It'll be nothing but monetary masturbation.
ReplyDeletealso, check out Reg Howe and Bob Landis' website goldensextant.com there's some great stuff there about sound money, fiat history, etc.
ReplyDelete