Off the Rails
The gold standard came into being in the 18th century. It got gassed in WWI. Then, after WWII, it was re-established, sort of. The dollar was made the key financial reserve. It was linked to gold.
No Index
Two Guys Named Stephen
What Miran is describing is from the ‘free lunch’ school of economics, where the US can receive billions in tariff tax income without taking anything away from the consumers and producers who pay it.
Long Haul Gold
Gold is not an investment; it’s a place to put your money while you wait for a good investment to come along. It’s not a wealth creator; it’s a wealth preserver.
‘You can’t get there from here.’
Wealth comes from profit-making businesses. The profit is the measure of how much wealth they create; it is the difference between the cost of doing something…and what that thing is actually worth.
Another Death Valley?
The US had a paper currency. We all knew what happened to paper currencies. Over time, all paper money reverted to its inherent value — which was zero. Weimar…here we come!
Red Rain
The biggest source of US power, however, is not its military, but it’s money. As long as the dollar remains the cornerstone of international commerce, the US remains the world’s great Caesar.
