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Alasdair Macleod: Gold and 'flying money'

Section: Daily Dispatches

By Alasdair Macleod
Head of Research, GoldMoney, Toronto
Thursday, December 7, 2023

"Flying money" was the Chinese term for paper credits between merchants in the Tang dynasty, adopted by Emperor Hien-Tsung as the first example of a government paper currency. Today economists confuse "flying money" with real money, which is physical gold.

Having broken above the $2,000 barrier, nearly everyone thinks that it is gold rising, when in fact it is the dollar falling. Yet we can be sure that as gold appears to be in a bull market, there will be growing interest in it from the financial establishment and private investors alike.

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Mainstream media and the economics profession are equally clueless about the distinction between money and credit, so there is important work to be done informing investors seeking wealth preservation in these increasingly uncertain times.

Accordingly, this article reaffirms the true distinction between money and credit, emphasising that fiat currency is credit, not money. The majority of economists deny this fact, being brainwashed by the US Treasury's anti-gold propaganda programme following the Bretton Woods failure.

The consequences of this error are that a collapsing dollar taking other currencies with it will impoverish all those who fail to grasp a proper understanding of the relationship between currencies, their dependent credit, and true money. Regard this as a vital primer for financial survival. ...

... For the remainder of the analysis:

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