We’ve written extensively about the “war on cash.” In a nutshell, governments would love to do away with cash in order to better track and control their citizens. There have been numerous moves closer to a cashless society in recent years, from capping ATM withdrawals to doing away with large-denomination bills. Last year, China launched a digital yuan pilot program and the US has floated moving toward a digital dollar.
We’ve written extensively about the government intentionally devaluing our money. As one economist put it, the intentionally inflationary policies of central banks and governments are “daylight robbery.” But what’s the solution to this problem?
Economist Thorsten Polleit argues we need a free market in money. But is this possible? Wouldn’t this create monetary chaos?
As we approach the end of 2019, gold is on track for a healthy yearly gain. To date, the yellow metal is up over 16% on the year.
It’s always interesting talking about gains in the price of gold because when you get down to it, it all depends on when you got into the market. If you bought an ounce of gold on Jan. 1 of this year and sold it this morning, you’d have pocketed around $208 (less any taxes and fees). But if you bought your gold at the peak price this year and sold it this morning, you’d be out about $68.
So, when we say gold is up or down, you always have to ask a second question: since when? The price can be simultaneously up and down at the same moment depending on the answer to that question.
Peter Schiff appeared on RT Boom Bust on Tuesday (Sept. 17) to talk about interest rates, gold and the dollar. Peter said the fiat currency system may not survive the next recession.
The conversation started focusing on the repo operations conducted by the Federal Reserve early in the week, Peter said the financial media and Wall Street are being much too complacent about what’s going on.
Paul Krugman said gold is dead. In fact, “Bitcoin has more utility than gold,” according to the popular lefty economist.
Krugman made the comments at ChainXChange, a blockchain artificial intelligence and innovation conference in Las Vegas.
Humans are by nature somewhat myopic. We tend to focus primarily on what is right in front of us and filter out things further removed. As a result, we can sometimes overlook important factors.
As Americans, we generally devote most of our attention on American policy. We follow political maneuverings in Washington D.C., study the Fed’s most recent pronouncements and track the US stock markets. But we also need to remember there is a whole wide world out there that can have a major impact on the larger economy and our investment portfolio.
One factor that could potentially rock the world economy that a lot of American may not be aware of is the mess in the European banking system.
This article was written by Joel Bauman, SchiffGold Senior Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold.
The current debt-based fiat monetary system creates an illusion of wealth expansion.
For example look at this 100-year price chart of the Dow Jones Industrial Average.