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Forbes/Nathan Lewis/7-10-2022
“Today, there is a spreading awareness that our monetary situation is rather rotten. Leaving things up to central bankers, who are obviously making it up as they go along, has not worked out very well.”
USAGOLD note: Lewis goes on to say that we have two choices – a continuation of the PhD (or egghead) standard or a return to the gold standard – and he favors the latter. As we have said so often in the past, the prospects of returning the gold standard anytime soon are virtually non-existent. In all likelihood though, the “make-it-up-as-you-go-along system” (as Lewis calls it) will be in place for a long time to come with the next chapter of that saga to be unveiled later this week. Lewis mentions that “the monetary history boils down to two great eras” – sound money prior to 1971, fiat money after. Here is what that history looks like on a chart:
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