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J.P. Koning: How California stayed with gold when the rest of the U.S. adopted fiat money

Section: Daily Dispatches

9:15p ET Wednesday, January 16, 2019

Dear Friend of GATA and Gold:

Bullion Star's J.P. Koning tonight reviews early California's attachment to gold as money and its rejection of the U.S. national government's fiat currency "greenbacks" during the Civil War. Koning concludes that the primary determinant of currency use is whatever most people are using, even if the majority's currency is steadily devaluing.

Koning's analysis is headlined "How California Stayed with Gold When the Rest of the U.S. Adopted Fiat Money" and it's posted at Bullion Star here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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