Trace Mayer

Spiegel Interview Exposes Irrational Disdain for Sound Money

"Now just imagine that somehow, someway, a monetary system could be developed where computers would keep track of gold-based money and you could just swipe a card to pay for goods and services just like you swipe a debit card."

There already is a service with over $700M within the system, www.mygoldmoney.com, and you can use it in ordinary daily transactions like buying an apple or in large transactions like a super oil tanker. While a debit card is not yet available there are plans and additional tools like that should be available soon.

Fiat currency and fractional reserve banking are barbarous relics compared to the monetary evolution that is going on. The current implementation of credit and debit cards is a lot like the horseless carriages that were early attempts at automobiles. Change has come to money and currency and it is continuing to gain momentum.

The gains are “strictly a monetary phenomenon,” Greenspan said today at an investment conference in New York. Rising prices of precious metals and other commodities are “an indication of a very early stage of an endeavor to move away from paper currencies,” he said.

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