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A intellectually fascinating study of the abuse of the monetary system throughout history, and how fiat money is doomed to fail, as it always has throughout history. The book could be be subtitled “The Coming Currency Crashes and Great Deflation”.
The history of gold, why people hate gold. Did you know that it was illegal to own gold in this “free” country until President Ford re-legalized it, making it legal again on 31 Dec 1974? Why should that be? For very good reasons that are not in your economic interest. Reasons that are good to know for the coming massive redistribution of wealth. Future seizure and illegal gold again are all too likely, so plan ahead.
GoldBug! is required reading for anyone that wants to survive the coming financial panics (2008 was just a warning shot). Understand the in-progress currency and stock market crashes you won’t read about in the papers— once the real value of money is understood. And the deflation that the government in 2010 calls “negative inflation”, afraid to name the nameless beastm lest it cause panic. If you think Paul Volcker is a good choice by our President for 2010, read and weep.
Don’t assume too much from the title, because this is a life’s work with a deep historical perspective from the man known as The Original Goldbug, fired from his wall street job for publicly stating in his newsletter that gold would surge, at a time when the President of the United States stated that the price of gold would always be $35/ounce, and hostility to gold and silver was intense, the very term “goldbug” a vicious pejorative.
What are countries that have leaders with at least some foresight doing? Duh.
“The truth is that China is dumping its bonds.“
And buying gold. How many pieces of paper will gold command in each country? My brief summary can’t do justice to the meticulously crafted language and historical perspective laide out in Goldbug!