GOING BEYOND

4.13.2011

Will the gold standard ever make a comeback?

What we use as money today is either issued by governments, or created by banks through the issuance of debt. The status of money is protected by the law – we must use what we use as money – and by the fact that taxes are levied in this money. But underneath it all, there's nothing there – nothing tangible anyway. It's just a law, a man-made law. It's not even a proper promise. The writing you see on a £20 sterling note – 'I promise to pay the bearer on demand the sum of twenty pounds' – is in effect a promise to pay something that doesn't exist. It's a great big load of old baloney. Modern money is a man-made phenomenon, responsible in my view – though rarely held culpable – for many of the economic problems the world faces today. But nature has provided an alternative.
Jorge Pastine en 14:11

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Jorge Pastine
Argentina
PE Resources - Senior Partner Goodwill Services - Senior Partner
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