I object to his repeated use of the term paper money. In the total, there is not enough paper money to stand for the electronic bits that are actually the money. In today’s world, money is accounting entries on electronic ledgers.
The article is a good piece but overlooks one extremely important consideration, inflation. As the debt payment is stretched out, the total in the out years is decreased by the coming inflation. The value Of $10 in 2020 $$ measured against 2010 value will be only $5 or less.
By then, gold will be at least $2,500 per ounce and gas in America $6 or $7 per gallon, that is if there is still an America. With the Mexican conquest the new leaders migh t make gas be sold in liters.
How many ounces of gold in a pound? I can vision Obama decreasing the price of gold by messing with this number.
So this guy is saying buy gold now because years from now it’s going ‘go to the moon’??
I can remember when our paper money was disparaged as not being gold/silver backed. We are way beyond that simplistic day and age. Today we have plastic money (credit cards) that function a lot like paper currency. We have food stamps on plastic cards.
Paper currency is roughly 10%?? of our money supply these days. You are correct that most of today's money is electronic entries (with redundant paper being dutifully filled away perhaps in bomb proof storage). But prior to that it was entries on paper ledgers. How real was that? In fact it was unreal but was slow and plodding so a lot better than today's electronic notations