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New York Sun: Our $34 trillion debt is turning the states to gold
From The New York Sun
Wednesday, January 3, 2024
Just as we were set to mark our national debt crossing $34 trillion, the Mises Institute sends a note steering its fans to the Sound Money Index, ranking the states by the degree to which they provide an environment for honest money.
The index, produced by the Sound Money Defense League and Money Metals Exchange, records that the classical monetary metals, gold and silver, discover the value of fiat currencies like the dollar, not the other way around.
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"Gold and silver are money," the index notes, "not by government decree, but because they have proven to be over the test of time, by maintaining their value."
That insight is underscored, as the 2024 index is released, by the fact that the fiat dollar is flirting with an all-time low versus gold. On the last trading day of 2023, the Wall Street Journal observes, the dollar fetched in futures markets but a 2,062nd of an ounce of gold -- a fall for the year of 13 percent.
Over the long run the dollar's collapse has been even more precipitous. ...
... For the remainder of the commentary:
https://www.nysun.com/article/our-34-trillion-debt-is-turning-the-states-to-gold
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