“Are fiat currencies facing a complete collapse within the next 18 months? Alasdair Macleod issues a dire warning about the changing of the financial guard, while the US national debt crosses a staggering $40 Trillion in record time.
”In this vital update, we break down the accelerating debt spiral. With Egon von Greyerz forecasting an $80 Trillion US debt by 2036, is there any historical precedent to stop the bleeding? We look back at Andrew Jackson—the only US President to reduce the national debt to zero—and examine what options the US has left today.
”Meanwhile, the Eastern Bloc and China are accumulating physical gold at an unprecedented pace. But where does that leave us? With a stagnant reserve of just 80 tonnes for over a decade and a half, we explore what it would take for Australia to transition to a new gold standard before the fiat system unravels.
"The Greatest Buy Signal in a Generation": Protecting your generational wealth.”
Interview with As Good As Gold Australia
This interview was recorded last week.
The world needs a "how-to" manual for returning to the gold standard, and Alasdair is just the person to write it. I'm not kidding. He could advise governments from the comfort of his home office. It is completely possible. I'll attach some quotes from Mises:
Ludwig von Mises on the Gold Standard:
A. Every nation, whether rich or poor, powerful or feeble, can at any hour once again adopt the gold standard. Omnipotent Government
B. The return to gold does not depend on the fulfillment of some material condition. It is an ideological problem. It presupposes one thing: the abandonment of the illusion that increasing the quantity of money creates prosperity. Economic Freedom and Interventionism
C. The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments. Economic Policy
D. The superiority of the gold standard consists in the fact that the value of gold develops independent of political actions. On the Manipulation of Money and Credit
E. Sound money still means today what it meant in the nineteenth century: the gold standard. The Theory of Money and Credit
F. It is immaterial whether or not the laws assign legal tender quality only to gold coins minted by the government. What really matters is that these coins really contain a fixed weight of gold… Human Action
G. That gold—and not something else—is used as money is merely a historical fact… Human Action
H. The gold standard did not collapse. Governments abolished it n order to pave the way for inflation. The Theory of Money and Credit
I. The quantity of money available in the whole economy is always sufficient to secure for everyone all that money does and can do. Human Action, pg. 418 and 421
J. No nation need fear at any time to have less money than it needs. The Theory of Money and Credit, pg. 208-9
K. The gold standard was the world standard of the age of capitalism, increasing welfare, liberty, and democracy, both political and economic. In the eyes of the free traders its main eminence was precisely the fact that it was an international standard as required by international trade and the transactions of the international money and capital market. It was the medium of exchange by means of which Western industrialism and Western capital had borne Western civilization into the remotest parts of the earth’s surface, everywhere destroying the fetters of age-old prejudices an superstitions, sowing the seeds of new life and new well-being, freeing minds and souls, and creating unprecedented progress of Western liberalism ready to unite all nations into a community of free nations peacefully cooperating with one another. Human Action
The important point is that no nation needs another's permission to return to a gold standard and any quantity of gold will suffice. I believe that the crux of the MIses proposal was that the government establishes a date in the future on which the treasury will exchange gold for currency, and vice versa, at whatever the market price is that day.
Thanks. I listened to this on Saturday. Always good to hear from they guys down under