One of the people I genuinely enjoy listening to at investment conferences is James Rickards, bestselling author of The Death of Money and Currency Wars. Well, he’s out with a new book to be released in another three weeks titled, The New Case for Gold.
I’ve read his first two books and, by and large, I agree with his conclusions. He believes that gold will be a major part of a new international replacement for the Bretton Woods agreement. On that, we agree. But he believes a gold linked version of the SDR, the Special Drawing Rights will be the future foundation of money.
The Death of Money: Th... Best Price: $0.25 Buy New $3.50 (as of 10:20 UTC - Details) I think he’s wrong, what we need is for all countries to accept a gram-based gold currency unit instead of gold being tied to anything. The financial problems of the world today are caused by fake money and the solution is not another fiat currency that no one understands but real money that you can touch and feel and hold. Gold fills the bill, SDRs do not.
The currency markets worldwide show a daily turnover of about $5.3 trillion. On a day similar to that of last Thursday when Mario Draghi crapped in his own lunch bucket, the value of the dollar/Euro swap moved over 2.5%. Somebody or several somebodies lost over $100 billion on the day. Economies, hedge funds and major banks can’t keep losing $100 billion a day without blowing the system sky high.
Years ago, Quinton Hennigh of Novo Resources and I worked up some ideas on the upcoming financial system based on a dual silver/gold monetary system. The coins shown above represent what we came up with. You can see the relative size of the coins using the scale.
Currency Wars: The Mak... Best Price: $1.76 Buy New $6.46 (as of 09:55 UTC - Details)
The New Case for Gold Best Price: $0.25 Buy New $6.99 (as of 11:36 UTC - Details)
The Real Crash: Americ... Best Price: $3.00 Buy New $9.55 (as of 12:25 UTC - Details)
Gold, Peace, and Prosp... Best Price: $4.24 Buy New $5.77 (as of 05:45 UTC - Details)