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There is no single topic of greater importance to the cause of liberty and peace than the nature and control of money. When free market participants are no longer able to choose their medium of exchange, a critical part of the free market dies. The resulting seeds of a centrally planned economy slowly grow and suffocate the power of choice.
Gold may be due for a “correction,” but long-term investors should hold their gold (and silver) positions. Two recognized experts offer their opinions on gold and silver.
mckinley hobart sound money buttonOver the last 100 years, Americans have completely lost control of their Constitutional money; to the point where they must pay a tax to essentially make change. Imagine breaking a twenty dollar bill and only getting a ten and a five back, with the other five going to the government. This is the potential problem one encounters when attempting to spend gold or silver money. It’s no accident. The laws are specifically set up to force everyone to use fiat currencies.
S&P’s downgrading of US debt has all the news, but is this crises worse than the 2008/2009 Global Financial Crisis? Possibly not, but gold move to the upside suggests a real crisis nonetheless.
Congressman and presidential candidate Ron Paul recently introduced legislation calling for the federal government to cancel the $1.6 trillion debt held by the Federal Reserve. Such a move creates legal challenges, one of which would be that the Fed would openly acknowledge that it is a private entity and that fedgov has no authority confiscate its assets. (Fedgov had no “authority” to call in gold in 1933, but legal tests to that stood up.)
If you’ve paid any attention to the inflation vs. deflation debate you’ve noticed that it is fairly convoluted. I’ve read the arguments in great detail and have come to the conclusion that it’s mostly a problem of semantics. Strictly speaking, deflation is a decrease in the supply of money and credit. As bad loans are written off, the supply of credit, which represents the lion’s share of the money supply, decreases.
