Keith Weiner on the Role of Gold in Today’s Economy
Jeff talks to Keith Weiner of Monetary Metals about why gold still plays a major role in the global economy.
Jeff talks to Keith Weiner of Monetary Metals about why gold still plays a major role in the global economy.
Legal tender laws create special privileges for government money. That kills true currency competition and favors the state's monopoly power.
The new "gold-exchange standard" of the 1920s was a new concoction of the world's regimes after the Great War. It certainly wasn't a true gold standard.
Gold was only included in the plans for the Bretton Woods system because of the veneer of solidity it gave.
The gold standard supposed a limit to the fiscal voracity of governments, and suspending it unleashed the perverse proclivity of the states toward indebtedness and to pass the current imbalances on to future generations.
Nixon’s closing the gold window should be seen as the end of the last remnant of the gold standard, not some kind of market failure. Governments controlled most of the gold and set its price.
The gold standard supposed a limit to the fiscal voracity of governments, and suspending it unleashed the perverse proclivity of the states toward indebtedness and to pass the current imbalances on to future generations.
Gold was only included in the plans for the Bretton Woods system because of the veneer of solidity it gave.
Nixon’s closing the gold window should be seen as the end of the last remnant of the gold standard, not some kind of market failure. Governments controlled most of the gold and set its price.