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Alasdair Macleod: The future of money is gold
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, February 18, 2021
This article explains why the successor money to failing fiat is gold, not cryptocurrencies.
Cryptos can act as stores of value only as long as fiat exists.
I describe how a world transacting with monetary gold and properly constituted gold substitutes works. It explains how and why unbacked bank credit expansion, which in natural Roman law was ruled to be fraudulent 1,800 years ago, can and should be eliminated in a post-fiat world, thereby ending destructive credit cycles.
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Gold exchange standards, which are comprised of gold-backed money administered by the state, worked extremely well when properly implemented, and it is the siren songs of inflationism that are at the root of the current crisis. If the transition from worthless fiat back to gold standards is handled properly, an initial recovery to fully functioning economies need not take more than a year or so.
The pressure on future governments to reject inflationism in favor of free markets and sound money should not be underestimated. It is not rocket science.
All we need are politicians in whose interests it is to see the light and have the determination to take their electorates with them. It will require them to hand back to individuals the responsibility for their own actions, enabling the requisite cuts in government responsibilities and expenditures to be made.
That child of fiat money, the welfare state and all the government actions to protect it, will have to end, with the exception of the absolute basics.
The politicians to facilitate these changes do exist, though their voices are not heard. But the moment fiat collapses, we have good reason to believe they will re-emerge from under the misguided consensus they had been elected to deliver. It will be in their clear interest to do so, and monetary collapse giving birth to civil disruption can be avoided. ...
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Toast to a free gold market
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