Gold: The Once and Future Money

( 40 )

Overview

In the first years of this new century, the price of gold nearlytripled. Why should today's investors take notice? Because gold isthe ultimate competitor to the U.S. dollar. In this age ofincreasing global competition and military conflict, ignoring thegold market could be devastating for anyone seeking to build wealthover the long run. A vote for gold is a vote against the dollar,against paper money . . . and paper assets. It's a way of saying,"Yes, we know Mr. Bernanke, Mr. Bush, and Goldman Sachs are doing ...

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Overview

In the first years of this new century, the price of gold nearlytripled. Why should today's investors take notice? Because gold isthe ultimate competitor to the U.S. dollar. In this age ofincreasing global competition and military conflict, ignoring thegold market could be devastating for anyone seeking to build wealthover the long run. A vote for gold is a vote against the dollar,against paper money . . . and paper assets. It's a way of saying,"Yes, we know Mr. Bernanke, Mr. Bush, and Goldman Sachs are doing agood job, but it might be a good idea to have some REAL money, justin case."

The world's commercial centers have used one or another variantof a gold standard for most of the last three millennia. And forgood reason: gold forces governments to be fiscally responsible andit provides a stable environment for rapid economic growth as wellas a safe environment for individual investors to grow their ownwealth.

For the last thirty-five years, the U.S. government has beenable to "print" money at will. If history is any guide, thisgovernment will do as all governments have in the past: overprint,causing the currency to crash. Inevitably, they will be forced toreturn to the gold standard, but at great expense and withconsiderable suffering. Investors who are not prepared will sufferthe most.

Unfortunately, asserts Nathan Lewis, both advocates anddetractors of the gold standard grossly misunderstand the innerworkings of this human institution. In making his case for a returnto the gold standard, Lewis takes a whirlwind tour of money in allits forms, from the seventh century B.C. to the present day,explaining in straightforward layman's terms the effects ofinflation, deflation, and floating currencies along with theireffect on prices, wages, taxes, and debt.

Lewis also provides an engaging history of U.S. money and offersa sobering look at recent currency crises around the world,including the Asian monetary crisis of the late 1990s and thedevastating currency devaluations in Russia, China, Mexico, andYugoslavia. And, in doing so, explains why making gold a part ofyour portfolio has never been more important than it is today.

The ultimate conclusion of Gold: The Once and Future Money issimple but powerful: the gold standard produced decades, evencenturies, of solid money and economic abundance. If history is anyguide, we can –and should–abandon this era of easy moneyand return to the stability of the gold standard.

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Product Details

  • ISBN-13: 9780470047668
  • Publisher: Wiley
  • Publication date: 5/4/2007
  • Series: Agora Series, #24
  • Edition number: 1
  • Pages: 464
  • Sales rank: 1,020,350
  • Product dimensions: 6.46 (w) x 9.11 (h) x 1.43 (d)

Meet the Author

Nathan Lewis was formerly the chief international economist of a leading economic forecasting firm. He now works for an asset management company based in New York. Lewis has written for the Financial Times, the Wall Street Journal Asia, the Japan Times, Pravda, and other publications. He has appeared on financial television in the United States, Japan, and the Middle East.

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Table of Contents

Foreword by Addison Wiggin.

Preface.

Part I. Money in All its Forms.

Chapter 1. Good Money Is Stable Money: A Barter Economy vs. aMoney Economy.

Chapter 2. Hard Money and Soft Money: Currency around theWorld—from the 7th Century BC to the 21st Century AD.

Chapter 3. Supply, Demand, and the Value of Currency: How theCirculation of Money Is Regulated by Central Banks.

Chapter 4. Inflation, Deflation, and Floating Currencies: AndTheir Effect on Prices, Wages, Taxes, and Debt.

Chapter 5. The Gold Standard: A Benchmark of the Value of Moneythat Creates a Free Market.

Chapter 6. Taxes: How They Diminish Productivity, Trade, theStability of Money, and Overall Economic Health.

Part II. A History of US Money.

Chapter 7. Money in America: From Colonial Silver and Paper tothe Turmoil of 1929.

Chapter 8. A History of Central Banking: From Ancient Egypt andRome to the Bank of England and the US Federal Reserve.

Chapter 9. The 1930s: Bad Capitalism and a Failure of Monetaryand Fiscal Policy.

Chapter 10. The Bretton Woods Gold Standard: 30 Years of HardCurrency Destroyed by Taxes in the 1970s.

Chapter 11. Volcker and Reagan: Monetarism Fails, But the TaxCuts Succeed: And the 1980s Boom.

Chapter 12. The Greenspan Years: The 1987 Stock Market Crash, aRecession, Deflation, and a Slow Economic Recovery.

Part III. Currency Crises Around the World.

Chapter 13. Japan's Two Great Periods of Economic Success: Basedon a Gold Standard/Hard Currency and Low Taxes.

Chapter 14. The Asia Crisis of the Late 1990s: WorldwideCurrency Turmoil and Economic Disaster Caused by a Mismanaged USDollar.

Chapter 15. Devastating Currency Devaluations in Russian, China,Mexico, and Yugoslavia.

Chapter 16. A Return to Hard Currencies: Good Government Leadsto Good Money.

Notes.

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Customer Reviews

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  • Anonymous

    Posted September 4, 2013

    Firestar from starclan to all

    Beware beware!! The infection is spreding.

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    Softstone.

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    Moonkit

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    Virus

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    Darkness to virus

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    Nightspirit

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    May i join

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    Foxpaw

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    Posted September 3, 2013

    Hello im new

    Im silverarrow a shecat looking for a matw and kit

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    The baby griffin

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    Posted September 4, 2013

    To all please help!!!

    Can someone go tell ashclan at flaming ash res one that silentpaw is locked out and to read her post at res six? Please and thank you

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