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Sprott/James Grant/5-15-2020
“[T]he French people,” pronounced the Bank for International Settlements in 1949, four years after the end of World War II, “remembering the old gold franc introduced by Napoleon in 1803 (the so-called franc germinal), which maintained its value intact up to 1914, and thus withstood the strain of two lost wars—1814 and 1871—as well as a number of other vicissitudes, can-not help thinking that, compared with the paper franc which since 1914 has lost 99% of its purchasing power, gold, irrespective of any short-term fluctuations in the price paid for it, is in the long run a trustworthy basis for savings.”
USAGOLD note: The above is quoted from the May 15, 2020 edition of Grant’s Interest Rate Observer under the headline: Changing Monetary Places. Besides being a top-notch thinker, Grant reminds us in this piece of his formidable skills putting pen to paper.