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Alasdair Macleod: Fiat's failings, gold, and blockchain
By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, December 5, 2019
The world stands on the edge of a cyclical downturn, exacerbated by trade tariffs initiated by America. We know what will happen: The major central banks will attempt to inflate their way out of the consequences. And those of us with an elementary grasp of economics should know why the policy will fail.
... Dispatch continues below ...
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In addition to the monetary and debt inflation since the Lehman crisis, it is highly likely the major international currencies will suffer a catastrophic loss of purchasing power from a new round of monetary expansion, calling for a replacement of today’s fiat currency system with something more stable.
The ultimate solution, unlikely to be adopted, is to reinstate gold as circulating money, and how gold works as money is outlined in this article.
Instead, central banks will struggle for fiat-based solutions, which are bound to face a similar fate with or without the blockchain technology being actively considered. The Asian and BRICS blocs have an opportunity to do something with gold. But will they take it? ...
... For the remainder of the commentary:
https://www.goldmoney.com/research/goldmoney-insights/fiat-s-failings-go...
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