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Thursday, July 5, 2012

The Return of the Gold Standard by Peter Schiff

Gold remains the bedrock of reserve holdings at central banks, even in a world dominated by fiat currencies. Apparently, when it comes to a paper-based global monetary system, it's easier to talk the talk than walk the walk. Government officials the world over, but especially in the developed world, have been quick to call gold an anachronism – unsuitable for a modern, globalized economy. But these same governments have never found it in themselves to sell off their holdings, or for that matter, to surrender even a substantial fraction of them. Those who have clamored the loudest have, in fact, behaved the most conservatively.

Governments will never give up fiat money for gold, but they may take yours.

Posted via email from iPT Perpetual Traveler

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