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Alasdair Macleod: The failure of fiat currencies and the implications for gold and silver
By Alasdair Macleod
GoldMoney, Toronto
Thursday, April 14, 2022
This is the background text of my keynote speech given yesterday to European Gold Forum.
To explain why fiat currencies are failing I started by defining money. I then described the relationship between fiat money and its purchasing power, the role of bank credit, and the interests of central banks.
... Dispatch continues below ...
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Undoubtedly, the recent sanctions over Russia will have a catastrophic effect for financialised currencies, possibly leading to the end of fifty-one years of the dollar regime.
Russia and China plan to escape this fate for the rouble and yuan by tying their currencies to commodities and production instead of collapsing financial assets.
The only way for those of us in the West to protect ourselves is with physical gold, which over time is tied to commodity and energy prices. ...
... For the remainder of the analysis:
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