[ThePythonicCow]

A good (depressing) article on the past, present and future of gold and fiat money.

If you find this worthwhile, Richard, you're welcome to use your ping list on this.

[plusone]

Fascinating and consise economic history of the major screw-ups in monetary policy over the years! But I wonder if, when the current system finally implodes, whether gold will be the answer. I have been in Eastern Europe several times. One visit was at the tail end of the Russian hyper inflation following the final breakdown of the Soviet Union. Prices were rising so fast (ie, the Rubble was collapsing so fast) that shop keepers would write the prices on a large blackboard, it was easier that way to change them every 30 minutes or so! Yet one worthless money was replaced by another, which survived for a while, only to be destroyed by continuing inflation. This was then replaced by yet a new currency, and the cycle continues...to this day. (I am referring here to Belarus, a small country between Poland and Russia, run by the resident madman Lukashenka). But there is no clamor for gold or silver, people just accept whatever worthless paper is the money-de-jour. So I don't know. The article makes a very good point.

[arete]

If you find this worthwhile, Richard, you're welcome to use your ping list on this.

I find all information useful and worthwhile. Great post.

Ping to the (un)usual suspects.

Richard W.