Gold Money

There is a new campaign to end austerity.

The ability of a business to maintain accurate and meaningful accounts is undermined by the debasement of the accounting medium, fiat currency.

The slide in precious metal prices has done much to undermine investor confidence, yet the indications are that demand for the physical metals remains strong.

The monthly figures for the US dollar components of Austrian, or True Money Supply, for February are now in

The quantity theory of money and its accompanying equation of exchange are generally accepted as defining the relationship between money and prices.

The London Bullion Market is the global trading centre for physical gold, and the Bank of England holds gold on behalf of other central banks.

On 20 March George Osborne, the UK’s Chancellor, will present his budget.

This week considerable instability developed in currency markets

Governments have refused to accept the necessity of a period of economic re-adjustment following the credit-bubble. The bubble burst about five years ago and economic progress has been effectively suspended ever since. The consequences of this refusal to accept reality are at a minimum to make this adjustment unnecessarily drawn out and needlessly painful, … Continue reading

Last Friday night (European time, 8 February) the Bank Participation Report for 5 February was released. This showed that US banks reduced their net short gold position by 12,886 contracts over the month of January, while non-US banks increased theirs by 2,887 contracts. This is evidence that the US banking community is aggressively closing its … Continue reading

The impossibility of economic calculation in a fiat world The purpose of keeping accurate accounts is to quantify net worth at any given point in time – as well as the change from a prior date. It goes without saying that the measure used, money, should be constant if comparisons over time are to mean … Continue reading

“The issuer’s promise” is a phrase I have used recently to describe the backing for fiat currencies.